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Monthly Budget Review for December 2016 1 (January 9, 2017)

handle is hein.congrec/cbo3303 and id is 1 raw text is: January 9, 2017 Monthly Budget Review for December 2016 The federal budget deficit was $207 billion for the first three months of fiscal year 2017, the Congressional Budget Office estimates-$8 billion less than the shortfall recorded during the same period last year. But that result was affected by shifts in the timing of certain payments that otherwise would have been due on a weekend or holiday. If not for those shifts, outlays in the first quarter of this year would have been $33 billion greater than those in the same quarter last year, rather than $34 billion less, and the deficit would have risen by about $58 billion. Budget Totals, October-December (Billions of Dollars) Actual. FY 2016 Preliminary. FY 201 7 Estimated Change Receipts 766 740 -25 Outlays 981 948 -34 Deficit (-) -216 -207 8 Sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for November 2016 and the Daily Treasury Statements for December 2016. FY = fiscal year. Total Receipts: Down by 3 Percent in the First Quarter of Fiscal Year 2017 Receipts through December totaled $740 billion, CBO estimates-$25 billion less than the sum collected in the same period last year. The largest year-over-year changes were the following: * Remittances from the Federal Reserve to the Treasury, which are included in Other Receipts in the table below, fell by about $24 billion, largely because the Fixing America's Surface Transportation Act (Public Law 114-94) required the Federal Reserve to remit most of its surplus account to the Treasury in fiscal year 2016. The central bank remitted the required amount, $19 billion, in a onetime payment in December 2015. * Individual income and payroll (social insurance) taxes together rose by $12 billion (or 2 percent). o Amounts withheld from workers' paychecks rose by $16 billion (or 3 percent). That change reflects increases in wages and salaries. o Nonwithheld payments of income and payroll taxes were about the same as last year. o Income tax refunds increased by $3 billion (or 14 percent), reducing net receipts. * Corporate income taxes fell by about $10 billion (or 12 percent). For most corporations, the first quarterly estimated payment of those taxes in the current fiscal year was due on December 15. 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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