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Monthly Budget Review for January 2017 1 (February 7, 2017)

handle is hein.congrec/cbo3316 and id is 1 raw text is: February 7, 2017 Monthly Budget Review for January 2017 The federal budget deficit was $159 billion for the first four months of fiscal year 2017, the Congressional Budget Office estimates-$1 billion less than the shortfall recorded during the same span last year. But that result was affected by shifts in the timing of certain payments that otherwise would have been due on a weekend. If not for those shifts, the deficit for the first four months of fiscal year 2017 would have been $40 billion larger than that recorded for the same period last year. In the absence of changes to laws governing federal spending, and assuming that full-year appropriations equal the annualized funding provided in the current part-year continuing resolution (Public Law 114-254), the deficit in fiscal year 2017 will total $559 billion (or 2.9 percent of gross domestic product), CBO estimates. Budget Totals, October-January (Billions of Dollars) Actual, FY 2016 Preliminary, FY 2017 Estimated Change Receipts 1,079 1.084 5 Outlays 1,240 1,243 4 Deficit (-) -160 -159 1 Sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for December 2016 and the Daily Treasury Statements for January 2017. FY = fiscal year. Total Receipts: Up by Less Than 1 Percent in the First Four Months of Fiscal Year 2017 Receipts through January totaled $1,084 billion, CBO estimates-$5 billion more than the amount for the same period last year. That slight increase is the net effect of the following changes, which largely offset one another: * Individual income and payroll (social insurance) taxes together rose by $37 billion (or 4 percent). o Amounts withheld from workers' paychecks rose by $43 billion (or 6 percent). That change largely reflects increases in wages and salaries. Also, there was one more Monday in the period this year than there was last year, which boosted receipts. o Nonwithheld payments of income and payroll taxes fell by $3 billion (or 2 percent). o Income tax refunds rose by $4 billion (or 20 percent), reducing net receipts. Most tax refunds will be paid between February and May. * Remittances from the Federal Reserve to the Treasury, which are included in Other Receipts in the table below, fell by $25 billion, largely because the Fixing America's Surface Transportation Act (P.L. 114-94) required the Federal Reserve to remit most of its 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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