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1 Monthly Budget Review for April 2018 1 (May 7, 2018)

handle is hein.congrec/cbomayl0001 and id is 1 raw text is: May 7, 2018 Monthly Budget Review for April 2018 The federal budget deficit was $382 billion for the first seven months of fiscal year 2018, the Congressional Budget Office estimates, $37 billion more than the shortfall recorded during the same period last year. Revenues and outlays were higher, by 4 percent and 5 percent, respectively, than they were during the first seven months of fiscal year 2017. As was the case last year, this year's outlays were affected by shifts in the timing of certain payments that otherwise would have been due on a weekend. If not for those shifts, outlays and the deficit through April would have been larger, by roughly $40 billion, both this year and last year-but the year-to-year changes would not have been very different. Budget Totals, October-April Billions of Dollars Actual, FY 2017 Preliminary. FY 2018 Estimated Change Receipts 1,929 2.012 83 Outlays 2,273 2.394 121 Deficit (-) -344 -382 -37 Sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for March 2017 and the Daily Treasury Statements for April 2018. FY = fiscal year. Total Receipts: Up by 4 Percent in the First Seven Months of Fiscal Year 2018 Receipts for the first seven months of fiscal year 2018 totaled $2,012 billion, CBO estimates-$83 billion more than the amount during the same period last year. Receipts collected in April were $30 billion to $40 billion larger than CBO expected when it prepared the estimates reported in The Budget and Economic Outlook: 2018 to 2028, which it issued on April 9. The bulk of that difference stems from larger-than-anticipated payments of individual income taxes. Those payments were mostly related to economic activity in 2017 and may reflect stronger-than-expected income growth in that year. Part of the strength in receipts also may reflect larger-than-anticipated payments for economic activity in 2018. The reasons for the added revenues will be better understood as more detailed information becomes available later this year. The net increase in receipts from last fiscal year resulted from changes in collections from the following sources, according to CBO's estimates: m Individual income and payroll (social insurance) taxes together rose by $127 billion (or 8 percent). 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 add up to totals because of rounding.

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