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

handle is hein.congrec/cbo3330 and id is 1 raw text is: March 7, 2017 Monthly Budget Review for February 2017 The federal budget deficit was $348 billion for the first five months of fiscal year 2017, the Congressional Budget Office estimates-$5 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 five months of fiscal year 2017 would have been $37 billion larger than that recorded in the same period last year. Budget Totals, October-February Billions of Dollars Actual. FY 2016 Preliminary. FY 2017 Estimated Change Receipts 1,248 1.256 7 Outlays 1.601 1.604 3 Deficit (-) -353 -348 5 Sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for January 2016 and the Daily Treasury Statements for February 2017. FY = fiscal year. Total Receipts: Up Slightly in the First Five Months of Fiscal Year 2017 Receipts through February totaled $1,256 billion, CBO estimates-$7 billion (or 0.6 percent) more than the amount for the same period last year. That slight increase is the net effect of the following largely offsetting changes: m Individual income and payroll (social insurance) taxes together rose by $36 billion (or 3 percent). o Amounts withheld from workers' paychecks rose by $37 billion (or 4 percent). That change largely reflects increases in wages and salaries. o Individual income tax refunds declined by $4 billion. That reduction was probably caused by a delay this year in the Internal Revenue Service's (IRS's) processing of refunds from returns that claimed the earned income tax credit and the additional child tax credit. That delay resulted from changes in processing procedures stemming from provisions of the Consolidated Appropriations Act, 2016 (Public Law 114-113). o Nonwithheld payments of income and payroll taxes fell by $4 billion (or 3 percent). o Receipts from unemployment insurance taxes (one kind of payroll tax) declined by $2 billion (or 11 percent). 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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