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

1 Monthly Budget Review for November 2019 1 (December 9, 2019)

handle is hein.congrec/cbombgtnv0001 and id is 1 raw text is: December 9, 2019 Monthly Budget Review for November 2019 The federal budget deficit was $342 billion for the first two months of fiscal year 2020, the Congressional Budget Office estimates, $36 billion more than the deficit recorded during the same period last year. Revenues and outlays were higher-by 3 percent and 6 percent, respectively-than in October and November 2018. Because December 1 fell on a weekend in 2019 and in 2018, outlays through November in each fiscal year were boosted by the shift of certain payments from December to November. If not for those timing shifts, outlays so far this year would have been $44 billion greater than those in the same period last year, and the deficit would have risen less-by $32 billion. Budget Totals, October-November Billions of Dollars Actual, FY 2019 Preliminary, FY 2020 Estimated Change Receipts 459 471 12 Outlays 764 513 49 Deficit (-) -305 -342 -36 Sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for October 2019 and the Daily Treasury Statements for November 2019. FY = fiscal year. Total Receipts: Up by 3 Percent in the First Two Months of Fiscal Year 2020 Receipts totaled $471 billion during the first two months of fiscal year 2020, CBO estimates-$12 billion more than during the same period last year. The changes from last year to this year were as follows: * Receipts from individual income and payroll (social insurance) taxes together rose by $17 billion (or 4 percent). o Amounts withheld from workers' paychecks rose by $16 billion (or 4 percent). That change reflects increases in wages and salaries. o Nonwithheld payments of income and payroll taxes fell slightly-by less than $1 billion (or less than 1 percent); individual income tax refunds fell by $1 billion (or 7 percent), increasing net receipts. Receipts from those two sources generally are small at this point in the fiscal year. * Receipts from corporate income taxes rose, on net, by $1 billion (or 14 percent). Because corporate income tax receipts in October and November generally represent a small percentage of the year's total, the results for those two months are not a significant indicator of receipts for the 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.

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