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Monthly Budget Review: Fiscal Year 2000 [i] (January-December 2000)

handle is hein.congrec/cbo8657 and id is 1 raw text is: MONTHLY BUDGET REVIEW O N Fiscal Year 2000 A ogressional Budget Office Analysis Based on the Monthly Treasury Statement for November and the Daily Treasury Statements for December January 13, 2000 CBO estimates that the deficit for the first three months of fiscal year 2000 was $22 billion. After adjusting for various calendar effects, that figure represents a slight improvement over the deficit in the first quarter of last year. NOVEMBER RESULTS (In billions of dollars) Preliminary Estimate Actual Difference Receipts 121.0 121.4 0.4 Outlays 146.0 149.0 3.0 Deficit() -25.0 -27.6 -2.6 SOURCES: Department of the Treasury and Congressional Budget Office. The Treasury reported a deficit of $27.6 billion in No- vember, $2.6 billion more than CBO had projected on the basis of the Daily Treasury Statements. Revenues were only slightly higher than the preliminary estimate, but outlays were $3.0 billion more than CBO had ex- pected. About $800 million of that amount was for loans to credit unions by the National Credit Union Ad- ministration to provide additional liquidity for possible Y2K problems. ESTIMATES FOR DECEMBER (In billions of dollars) Actual Preliminary Estimated FY1999 FY2000 Change Receipts 178.6 201.5 22.8 Outlays 183.8 169.0 -14.8 Surplus/Deficit(- -5.2 32.5 37.6 SOURCES: Department Office. of the Treasury and Congressional Budget CBO estimates that the government recorded a surplus in December of about $32 billion, compared with a defi- cit of $5 billion last year. But the deficit last December was affected by a shift of Social Security payments from January into December because last year January 3 fell on a weekend. After adjusting for that shift, the sur- plus this December was only about $8 billion higher than it would have been last December. BUDGET TOTALS THROUGH DECEMBER (In billions of dollars) October-December Estimated FY1999 FY2000 Change Receipts 412.6 443.9 31.3 Outlays 467.1 465.7 -1.4 Deficit() -54.5 -21.8 32.7 SOURCES: Department of the Treasury and Congressional Budget Office. The estimated deficit for the first three months of fiscal year 2000 was $22 billion, about $33 billion less than the deficit for the same period last year. Receipts were about $31 billion higher than last year, but outlays were slightly lower. After adjusting for last year's shift in Social Security payments, the deficit to date is about $3 billion less than it was at this time last year. RECEIPTS THROUGH DECEMBER (In billions of dollars) October-December Percentage Major Source FY1999 FY2000 Change Individual Income 187.6 216.2 15.2 Corporate Income 47.6 48.1 1.0 Social Insurance 135.8 141.3 4.1 Other .41.7 38.4 -8.0 Total 412.6 443.9 7.6 SOURCES: Department of the Treasury and Congressional Budget Office. NOTE: Unless otherwise indicated, the figures in this report include the Social Security trust funds and the Postal Service fund, which are off-budget. Numbers may not add up to totals because of rounding.

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