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1 1 (October 6, 2017)

handle is hein.congrec/cbo3892 and id is 1 raw text is: October 6, 2017 Monthly Budget Review for September 2017 The federal government ran a budget deficit of $668 billion in fiscal year 2017, the Congressional Budget Office estimates-$82 billion greater than the shortfall recorded in fiscal year 2016. If not for the shift of certain payments from October to September in both 2016 and 2017 (because the first day of the month fell on a weekend), the deficit would have increased by $121 billion in 2017 (mostly because 2016 outlays would have been smaller). The 2017 deficit equaled an estimated 3.5 percent of gross domestic product (GDP), up from 3.2 percent in 2016. Fiscal year 2017 was the second consecutive year in which the deficit increased as a percentage of GDP. By CBO's estimate, revenues were 1 percent higher and outlays were about 3 percent higher in 2017 than they were in the previous fiscal year. CBO's estimates are based on data from the Daily Treasury Statements issued by the Department of the Treasury; the department will report the actual deficit for fiscal year 2017 later this month. A deficit of $668 billion would be about $25 billion smaller than the shortfall that CBO projected in its June 2017 report, An b2date to the Budget and Economic Outlook 2017 to 2027, largely because outlays were less than CBO anticipated. Fiscal Year Totals Billions of Dollars Actual, FY 2016 Pireliminar y. FY 2017 Estimated Change Receipts 3,267 3,314 47 Outlays 3.852 3,982 130 Deficit (-) -586 -668 -82 Sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for August 2017 and the Daily Treasury Statements for September 2017. FY = fiscal year. Total Receipts: Up by 1 Percent in Fiscal Year 2017 Receipts totaled $3,314 billion in fiscal year 2017, CBO estimates-$47 billion more than they did in fiscal year 2016. That relatively small increase reflects the following changes: * Individual income and payroll (social insurance) taxes together rose by $87 billion (or 3 percent). o Amounts withheld from workers' paychecks rose by $111 billion (or 5 percent). That change largely reflects increases in wages and salaries. 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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