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Monthly Budget Review: Fiscal Year 2005 [i] (January-December 2005)

handle is hein.congrec/cbo8662 and id is 1 raw text is: I Based on the Monthly Treasury Statement for November and the Daily Treasury Statements for December Im January 6, 2005 The federal budget deficit was about $114 billion during the first three months of fiscal year 2005, CBO estimates, $16 billion less than the shortfall recorded over the same period last year. Revenues have risen by 11I percent compared with their level in the first quarter of 2004, outpacing the 6 percent growth in outlays. CBO will issue new budget projections for 2005 and the following 10 years later this month. NOVEMBER RESULTS (Billions of dollars) Preliminary Estimate Actual Difference Receipts 134 135* Outlays 191 192 1 Deficit (-) -57 -58 -1 Sources: Department of the Treasury; CBO0. Note: *= between zero and $500 million. The Treasury reported a deficit of $58 billion in November 2004, about $1 billion more than CBO's projection based on the Daily Treasury Statements. Although revenues were about the same as CBO anticipated, outlays were about $1 billion more than expected. ESTIMATES FOR DECEMBER (Billions of dollars) Actual Preliminary Estimated FY2004 FY2005 Change Receipts 187 218 31 Outlays 204 217 12 Surplus or Deficit() -18 1 18 Sources: Department of the Treasury; CBO0. The surplus in December 2004 was about $1 billion, CBO estimates, a swing of $18 billion from the $17.6 billion deficit recorded in December 2003. Revenues were 17 percent above their December 2003 level, and outlays were 6 percent higher. CBO estimates that receipts in December 2004 were about $218 billion, $31 billion more than the amount collected in December 2003. The sharp increase was almost equally divided between payments of corporate income taxes and withholding for income and payroll taxes. In December, most corporations make their fourth quarterly payment of income taxes; CBO estimates that $13 billion of the year- over-year increase results from those payments. In addition, refunds of corporate income taxes were about $2 billion lower this December. As a result, net receipts from corporate income taxes were $15 billion higher than they were in December 2003, an increase of 3 8 percent. Withholding for income and payroll taxes increased by about $15 billion, or 11I percent, over the December 2003 levels. Nonwithheld income and payroll taxes were about $1 billion higher. Outlays were $12 billion greater this December than last December, CBO estimates. Defense spending was up by $4 billion; higher spending for interest on the public debt, Social Security, and agricultural price supports accounted for much of the remaining increase. BUDGET TOTALS THROUGH DECEMBER (Billions of dollars) Actual Preliminary Estimated FY2004 FY2005 Change Receipts 441 489 48 Outlays 571 603 33 Deficit (-) -130 -114 16 Sources: Department of the Treasury; CBO. The government recorded a deficit of about $114 billion for the first quarter of fiscal year 2005, CBO estimates -about $16 billion less than the deficit recorded for the same period last year. Although outlays were about $33 billion higher in fiscal year 2005, receipts grew more, rising by $48 billion. 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. MON'b'vlTH-w 1LYTTBD G T-wdE T IREnVIEW Fiscal Year 2005 A tCongressional Budget Office Analysis

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