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Monthly Budget Review for August 2017 1 (September 8, 2017)

handle is hein.congrec/cbo3740 and id is 1 raw text is: September 8, 2017 Monthly Budget Review for August 2017 The federal budget deficit was $675 billion for the first 11 months of fiscal year 2017, the Congressional Budget Office estimates-$56 billion more than the shortfall recorded during the same span last year. Both receipts and outlays were higher than they were last year, but outlays rose much more. If not for shifts in the timing of certain payments (which otherwise would have fallen on a weekend), the deficit for the 11-month period would have been $97 billion larger than the amount recorded in that period last year. CBO's most recent estimate of the 2017 deficit is $693 billion (compared with a $585 billion shortfall in 2016), as discussed in the agency's June 2017 report An Update to the Budget and Economic Outlook: 2017 to 2027. The deficit for 2017 is likely to be smaller than CBO projected in June because the budget typically shows a surplus in September as a result of substantial receipts from quarterly payments of individual and corporate income taxes. Budget Totals, October-August Billions of Dollars Sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for July 2017 and the Daily Treasury Statements for August 2017. FY = fiscal year. Total Receipts: Up by 2 Percent in the First 11 Months of Fiscal Year 2017 Receipts totaled $2,966 billion during the first 11 months of fiscal year 2017, CBO estimates-$56 billion more than during the same period last year. The changes between last year and this year were as follows: * Individual income and payroll (social insurance) taxes together rose by $80 billion (or 3 percent). o Amounts withheld from workers' paychecks rose by $103 billion (or 5 percent). That change largely reflects increases in wages and salaries. o Nonwithheld payments of income and payroll taxes fell by $9 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 $10 billion (or 4 percent), further reducing net receipts. o Receipts from unemployment insurance taxes (one kind of payroll tax) declined by $3 billion (or 5 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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