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1 1 (2019)

handle is hein.congrec/cbombmy0001 and id is 1 raw text is: June 7, 2019 Monthly Budget Review for May 2019 The federal budget deficit was $738 billion for the first eight months of fiscal year 2019, the Congressional Budget Office estimates, $206 billion more than the deficit recorded during the same period last year. Revenues were $49 billion higher and outlays were $255 billion higher than during first eight months of 2018. Shifts in the timing of certain payments increased outlays in the first eight months of this year by $50 billion; last year such shifts decreased outlays by $44 billion. If not for those shifts, the increase in the deficit so far for fiscal year 2019 would have been $112 billion rather than $206 billion. Budget Totals, October-May Billions of Dollars Actual FY 2018 Preliminary. FY 2019 Estimated Change Receipts 2.225 2.274 49 Outlays 2.757 3.011 255 Deficit (-) -532 -738 -206 Sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for April 2019 and the Daily Treasury Statements for May 2019. FY = fiscal year. Total Receipts: Up by 2 Percent in the First Eight Months of Fiscal Year 2019 Receipts totaled $2,274 billion during the first eight months of fiscal year 2019, CBO estimates- $49 billion (or 2 percent) more than during the same period last year. That increase was the result of changes in receipts from the following sources: m Individual income and payroll (social insurance) taxes together rose by $51 billion (or 3 percent). o Amounts withheld from workers' paychecks rose by $30 billion (or 2 percent). That change largely reflects increases in wages and salaries that were partly offset by a decline in the share of income withheld for taxes. The Internal Revenue Service issued new withholding tables in January 2018 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 eight months of this fiscal year but for only about half of the same period last year. o Nonwithheld payments of income and payroll taxes rose by $8 billion (or 2 percent). o Income tax refunds were down by $17 billion (or 7 percent), further boosting net receipts. o Unemployment insurance receipts (one kind of payroll tax) declined by $4 billion (or 10 percent). Receipts have fallen each year since peaking in 2012. 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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