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Monthly Budget Review: Fiscal Year 1997 [i] (August-December 1997)

handle is hein.congrec/cbo8654 and id is 1 raw text is: Based on the June Treasury Statement August 6, 1997 Continuing strong growth in receipts and a slowdown in outlay growth will produce a budget deficit below $40 billion for fiscal year 1997. JULNE RESULTS (In billions of dollars) June June 1996 1997 Change Receipts 152.0 173.4 21.4 Outlays 117.7 118.8 1.2 Surplus 34.3 54.5 20.2 Source: Department of the Treasury June receipts of $173.4 billion were up $21.4 billion from a year ago, boosted in part by an extra collection day this year. June outlays of $118.8 billion essentially were unchanged from last year, largely because of $5.2 billion of spectrum auction offsetting receipts. The June surplus of $54.5 billion was $20.2 billion higher than a year ago. FISCAL YEAR TO DATE (In billions of dollars) October-June FY 1996 FY 1997 Change Receipts 1,091.2 1,191.5 100.3 Outlays 1,165.2 1,202.4 37.2 Deficit 74.0 10.9 -63.1 Source: Department of the Treasury Receipts through June were up $100.0 billion--9.2 percent--from last year. Outlays through June, in contrast, were up only $37.2 billion--3.2 percent--from last year's comparable level. The cumulative deficit through June was only $10.9 billion, down sharply from the $74 billion deficit last year for the same period. FY 1997 PROJECTIONS (In billions of dollars) Budget May Latest Resolution Estimate Estimate Receipts 1,469 1,555 1,578 Outlays 1,622 1,622 1,612 Deficit 153 67 34 Source: Congressional Budget Office Receipts for the fiscal year are now estimated to be $1,578 billion, up $23 billion from our May estimate. Estimated outlays for the fiscal year have been lowered $ 10 billion from our May estimate to $1,612 billion. The deficit for 1997 is now expected to he $34 billion, the lowest level since 1974. As a percentage of GDP, the deficit would be only 0.4 percent, matching the 1974 level. RECEIPTS THROUGH JUNE (In billions of dollars) FY FY Percent Major Source 1996 1997 Change Individual income 491.8 559.7 13.8%o Corporate income 128.7 139.0 8.0%o Social insurance 385.8 405.0 5.0%o Other 84.9 87.8 3.5%o Total 1,091.2 1,191.5 9.2%o Source: Department of the Treasury *Individual income tax collections in June were quite robust, up 22 percent from the June level a year ago. Large gains were shown in both withheld and estimated quarterly payments. (b:DMONTHLY BUDGET REVIEW Fiscal Year 1997 A Congressional Budget Office Analysis

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