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April 7, 2017
Monthly Budget Review for March 2017
The federal budget deficit was $522 billion for the first six months of fiscal year 2017, the Congressional
Budget Office estimates-$63 billion more than the shortfall recorded during the same span last year. But
that result was slightly 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 six months of fiscal year 2017 would have
been $61 billion* larger than that recorded for the same period last year.
Budget Totals, October-March
Billions of Dollars
Actual. FY 2016 Preliminary. FY 2017 Estimated Change
Receipts 1.476 1.474 -2
Outlays 1,936 1.996 61
Deficit (-) -459 -522 -63
Sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury
Statement for February 2017 and the Daily Treasury Statements for March 2017.
FY = fiscal year.
Total Receipts: Down Slightly in the First Six Months of Fiscal Year 2017
Receipts through March totaled $1,474 billion, CBO estimates-$2 billion less than the amount for
the same period last year. That slight decrease is the net effect of the following changes, which
largely offset one another:
m Individual income and payroll (social insurance) taxes together rose by $46 billion (or
4 percent).
o Amounts withheld from workers' paychecks rose by $56 billion (or 5 percent). That
change largely reflects increases in wages and salaries.
o Nonwithheld payments of income and payroll taxes fell by $4 billion (or 3 percent).
Much of that decline occurred in January, when taxpayers made their last quarterly
payment of estimated taxes for the 2016 tax year. Most taxpayers will not make their
final payment of income taxes for 2016 until this month, when individual tax returns are
due.
o Individual income tax refunds increased by $3 billion (or 2 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.
[*Value corrected on April 7, 2017]](ViewImageLocal?handle=hein.congrec/cbo3421&div=1&collection=&method=preview&ext=.png&size=3)
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