About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

Monthly Budget Review: Fiscal Year 2004 [i] (January-December 2004)

handle is hein.congrec/cbo8661 and id is 1 raw text is: I Based on the Monthly Treasury Statement for November and the Daily Treasury Statements for December I January 7, 2004 The federal budget deficit was about $126 billion during the first three months of fiscal year 2004, CBO estimates, $18 billion more than the shortfall recorded over the same period last year. Revenues have risen by almost 3 percent compared with their level in the first quarter of fiscal year 2003, but outlays have grown by more than 5 percent. CBO will issue new budget projections for 2004 and the following 10 years later this month. NOVEMBER RESULTS (In billions of dollars) Preliminary Estimate Actual Difference Receipts 118 118* Outlays 162 161 -1 Deficit (-) -44 -43 1 NOTE: *= between zero and $500 million. SOURCES: Department of the Treasury; CBO. The Treasury reported a deficit of $43 billion in Novem- ber 2003, about $1 billion less than CBO's projection based on the Daily Treasury Statements. Although reve- nues were the same as CBO anticipated, outlays were about $1 billion lower than expected. ESTIMATES FOR DECEMBER (In billions of dollars) Actual Preliminary Estimated FY2003 FY2004 Change Receipts 183 185 2 Outlays 178 199 21 Surplus or Deficit(- 5 -13 -18 SOURCES: Department of the Treasury; CBO. The deficit in December 2003 was about $13 billion, CBO estimates, a swing of $18 billion relative to the $5 billion surplus for the same month in 2002. Outlays were about 12 percent above their December 2002 level, and revenues were 1 percent higher. CBO estimates that receipts in December were about $185 billion, an increase of $2 billion from the amount in December 2002. Withholding of income and payroll taxes rose by about $4 billion. Although such receipts were boosted by an extra business day in December 2003, CBO estimates that they were diminished by a similar amount because income tax rates were lower in 2003. In December, most corporations made their fourth quarterly payment of income taxes for tax year 2003. Those pay- ments totaled nearly the same amount as in December 2002, despite the rapid run-up in profits during the past year. In addition, refunds of corporate income taxes increased by about $3 billion, reducing net receipts. Of the $21 billion increase in outlays, roughly half occurred because December 1, 2002, fell on a weekend. As a result, about $ 10 billion in payments that ordinarily would have been made on the first day of the month were instead made at the end of November. In the absence of last year's payment shift, outlays for December would have grown by about $ 10 billion from fiscal year 2003 to 2004. After adjusting for the payment shift, defense spending was up by more than $4 billion compared with its level last December, and outlays for the three largest entitlement programs (Social Security, Medicare, and Medicaid) together grew by about $6 billion. BUDGET TOTALS THROUGH DECEMBER (In billions of dollars) Actual Preliminary Estimated FY2003 FY2004 Change Receipts 427 439 12 Outlays 536 565 30 Deficit (-) -108 -126 -18 SOURCES: Department of the Treasury; CBO. The federal government recorded a deficit of $126 billion for the first quarter of fiscal year 2004, CBO estimates, about $18 billion more than for the same period last year. Although revenues increased by $12 billion compared with their level last year, outlays grew more, rising by $30 billion. NOTE: Unless otherwise indicated, the numbers 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. MONTHLY UGTRVIEW Fiscal Year 2004 A Congressional B'tudget Office Analysis

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Short-term subscription options include 24 hours, 48 hours, or 1 week to HeinOnline.

Purchase Access

Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most