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Monthly Budget Review for April 2016 1 (May 6, 2016)

handle is hein.congrec/cbo2870 and id is 1 raw text is: May 6, 2016 Monthly Budget Review for April 2016 The federal budget deficit was $352 billion for the first seven months of fiscal year 2016, the Congressional Budget Office estimates-$69 billion more than the shortfall recorded in the same span last year. Outlays were 4 percent higher than they were at this time last year and receipts were 1 percent higher. If not for shifts in the timing of certain payments (which otherwise would have occurred on a weekend), the deficit for the first seven months of fiscal year 2016 would have been $28 billion larger than it was last year. Budget Totals, October-April (Billions of dollars) Actual, FY 2015 Preliminary. FY 2016 Estimated Change Receipts 1.892 1.917 25 Outlays 2,174 2,268 94 Deficit -283 -352 -69 Sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for March 2016 and the Daily Treasury Statements for April 2016. FY = fiscal year. Total Receipts: Less Than Expected Receipts for the first seven months of fiscal year 2016 totaled $1,917 billion, CBO estimates- $25 billion more than those in the same period last year. But those receipts were roughly $50 billion, or 2.5 percent, smaller than CBO expected when it published its March 2016 report U dated Bud et Proiections: 2016 to 2026. The bulk of that shortfall reflects payments of individual income taxes-both final payments with tax returns (net of refunds) for 2015 and, to a lesser extent, amounts withheld from paychecks for 2016 taxes. Corporations' estimated payments of income taxes for 2016 also have been smaller than anticipated. The sources of the shortfall in receipts for final payments of 2015 taxes will be better understood once data from tax returns start to become available later this year. Smaller-than-expected receipts could continue in coming months, further reducing revenues for the fiscal year relative to CBO's March projections. The changes between last year and this year were as follows: m Individual income taxes and payroll (social insurance) taxes together rose by $27 billion (or 2 percent). o Amounts withheld from workers' paychecks accounted for an increase of $46 billion (or 4 percent). Growth in wages and salaries probably explains that increase. o Overall, nonwithheld receipts declined by $6 billion (or 2 percent). That total stems from a drop of $16 billion (or 5 percent)-mostly from final payments for 2015- during the tax-filing season from February through April, partially offset by an increase of $10 billion earlier in the fiscal year. Note: The amounts shown in this report 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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