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February 2016 Monthly Budget Review 1 (March 7, 2016)

handle is hein.congrec/cbo2749 and id is 1 raw text is: ~March 7, 2016 Monthly Budget Review for February 2016 The federal budget deficit was $352 billion for the first five months of fiscal year 2016, the Congressional Budget Office estimates-$34 billion less than the shortfall recorded in the same span last year. Receipts were 5 percent higher than they were at this time a year ago, and outlays were 2 percent higher. If not for shifts in the timing of certain payments (which otherwise would have fallen on a weekend), the deficit for the first five months of fiscal year 2016 would have been about the same as it was last year. Budget Totals, October-February (Billions of dollars) Actual. FY 2015 Preliminary, FY 2016 Estimated Change Receipts 1.186 1.247 62 Outlays 1,572 1,599 27 Deficit -387 -352 34 Sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for January 2016 and the Daily Treasury Statements for February 2016. FY = fiscal year. Total Receipts: Up by 5 Percent in the First Five Months of Fiscal Year 2016 Receipts through February totaled $1,247 billion, CBO estimates-$62 billion more than the amount for the same period last year. The changes between last year and this year were as follows: * Individual income taxes and payroll (social insurance) taxes together rose by $57 billion (or 6 percent). o An increase of $43 billion (or 5 percent) in amounts withheld from workers' paychecks accounted for most of that gain. Growth in wages and salaries probably explains that increase. o Nonwithheld receipts, largely reflecting payments for the 2015 tax year, rose by $12 billion (or 9 percent). Almost half of the increase occurred in January, when individuals made their last quarterly payment of estimated taxes for 2015. o Income tax refunds decreased by $3 billion (or 3 percent). * Corporate income taxes declined by about $11 billion (or 11 percent). About two-thirds of that decline occurred in December, when most corporations made their first quarterly estimated payment of those taxes in the current fiscal year. That decline may not indicate, however, that corporate profits have dropped. Comparing last year's tax payments with this year's has been complicated by the enactment in December 2015 of the Consolidated Appropriations Act, 2016 (Public Law 114-113), and by the enactment in December 2014 of the Tax Increase Prevention Act of 2014 (Division A of P.L. 113-295). Each of those laws retroactively extended, to the beginning of the calendar year in which it was enacted, various provisions that reduced tax liabilities, and they may have affected the timing of tax payments for each calendar year to different degrees. Most corporations must make their Note: The amounts shown include the surplus or deficit in the Social Security trust funds and the net cash flow of the Postal Service, which are off-budget. Numbers may not add up to totals because of rounding.

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