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1 Monthly Budget Review for February 2019 1 (March 7, 2019)

handle is hein.congrec/cbobfry0001 and id is 1 raw text is: March 7, 2019 Monthly Budget Review for February 2019 The federal budget deficit was $537 billion for the first five months of fiscal year 2019, the Congressional Budget Office estimates, $146 billion more than the deficit recorded during the same period last year. Revenues were $4 billion lower and outlays were $142 billion higher than during the first five months of 2018. However, outlays in the first five months of last year were reduced because certain payments were shifted from October 2017 (fiscal year 2018) into September 2017 (fiscal year 2017). That occurred because October 1, 2017, the first day of fiscal year 2018, fell on a weekend. If not for that timing shift, the deficit for the first five months of last year would have been $44 billion greater, and the deficit increase so far this year would have been $102 billion rather than $146 billion. Budget Totals, October-February Billions of Dollars Actual, FY 2018 Preliminary. FY 2019 Estimated Change Receipts 1.286 1.282 -4 Outlays 1.677 1.819 142 Deficit (-) -391 -537 -146 Sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for January 2019 and the Daily Treasury Statements for February 2019. FY = fiscal year. Total Receipts: Largely Unchanged in the First Five Months of Fiscal Year 2019 Receipts totaled $1,282 billion during the first five months of fiscal year 2019, CBO estimates-$4 billion less than during the same period last year. Total receipts changed little from the prior year because of offsetting changes in receipts from the following sources: m Individual income and payroll (social insurance) taxes together rose by $2 billion (or less than 1 percent). o Amounts withheld from workers' paychecks fell by $15 billion (or 1 percent). That change reflects a decline in the share of income withheld for taxes, which more than offset increases in wages and salaries. The Internal Revenue Service (IRS) issued new withholding tables last January to reflect changes made by the 2017 tax act (Public Law 115-97). All employers were required to begin using the new tables by February 15, 2018. Hence, the new withholding rates were in effect during the first five months of this fiscal year but for only a small portion of the same period last year. 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 sum to totals because of rounding.

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