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Monthly Budget Review for September 2016 1 (October 7, 2016)

handle is hein.congrec/cbo3161 and id is 1 raw text is: ~October 7, 2016 Monthly Budget Review for September 2016 The federal government ran a budget deficit of $588 billion in fiscal year 2016, the Congressional Budget Office estimates-$149 billion greater than the shortfall recorded in fiscal year 2015. The 2016 deficit equaled an estimated 3.2 percent of gross domestic product (GDP), up from 2.5 percent of GDP in 2015. The increase in the deficit, measured as a share of the nation's output, was the first since 2009. About $41 billion of the deficit increase resulted from a shift in the timing of some payments that the government would ordinarily have made in fiscal year 2017; those payments were instead made in fiscal year 2016 because October 1, 2016 (the first day of fiscal year 2017), fell on a weekend. If not for that shift, the deficit in 2016 would have been about $547 billion, or 3.0 percent of GDP-still considerably higher than the deficit recorded for 2015. By CBO's estimate, revenues were less than 1 percent higher and outlays were about 5 percent higher in 2016 than they were in the previous fiscal year. CBO's estimates are based on data from the Daily Treasury Statements issued by the Department of the Treasury; the department will report the actual deficit for fiscal year 2016 later this month. A deficit of $588 billion would be about $2 billion smaller than the shortfall that CBO projected in its August 2016 report An Uldate to the Budget and Economic Outlook: 2016 to 2026. According to CBO's current estimates, revenues and outlays fell short of the projections by $8 billion and $10 billion, respectively. Fiscal Year Totals (Billions of dollars) Actual, FY 2015 Preliminary, FY 2016 Estimated Change Receipts 3,249 3.268 19 Outlays 3.688 3.856 168 Deficit (-) -439 -588 -149 Sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for August 2016 and the Daily Treasury Statements for September 2016. FY = fiscal year. Total Receipts: Up by Less Than 1 Percent in Fiscal Year 2016 Receipts totaled $3,268 billion in fiscal year 2016, CBO estimates-$19 billion (or less than 1 percent) more than they did in fiscal year 2015. That relatively small increase reflects the following changes: m Payroll (social insurance) taxes increased by $50 billion and individual income taxes increased by $6 billion, yielding a total increase of $55 billion (or 2 percent) from those two sources. 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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