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Monthly Budget Review for June 2017 1 (July 10, 2017)

handle is hein.congrec/cbo3576 and id is 1 raw text is: July 10, 2017 Monthly Budget Review for June 2017 The federal budget deficit was $520 billion for the first nine months of fiscal year 2017, the Congressional Budget Office estimates-$120 billion more than the shortfall recorded during the same span last year. Receipts and outlays alike were higher than they were last year, but outlays rose much more. In its most recent budget projections, CBO estimated that the deficit for fiscal year 2017 (which will end on September 30, 2017) would total $693 billion, about $109 billion more than the shortfall in fiscal year 2016. (See An Update to the Budget and Economic Outlook: 2017 to 2027, published in June.) Budget Totals, October-June Billions of Dollars Actual, FY 2016 Preliminary. FY 2017 Estimated Change Receipts 2,469 2.509 40 Outlays 2,868 3.028 160 Deficit (-) -399 -520 -120 Sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for May 2017 and the Daily Treasury Statements for June 2017. FY = fiscal year. Total Receipts: Up by 2 Percent in the First Nine Months of Fiscal Year 2017 Receipts totaled $2,509 billion during the first nine months of fiscal year 2017, CBO estimates- $40 billion more than during the same period last year. The main changes between last year and this year were as follows: m Individual income and payroll (social insurance) taxes together rose by $65 billion (or 3 percent). o Amounts withheld from workers' paychecks rose by $89 billion (or 5 percent). That change largely reflects increases in wages and salaries. o Nonwithheld payments of income and payroll taxes fell by $10 billion (or 2 percent). Much of that decline occurred in April, when taxpayers' final payments for 2016 were lower than their final payments of taxes for 2015. o Individual income tax refunds rose by $11 billion (or 5 percent), further reducing net receipts. o Receipts from unemployment insurance taxes (one kind of payroll tax) declined by $2 billion (or 6 percent). m Remittances from the Federal Reserve to the Treasury, which are included in the Other Receipts category in the table below, fell by $30 billion, largely because the Fixing 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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