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1 Monthly Budget Review for August 2019 1 (September 9, 2019)

handle is hein.congrec/cbombrag0001 and id is 1 raw text is: l September 9, 2019 Monthly Budget Review for August 2019 The federal budget deficit was $1,067 billion for the first 11 months of fiscal year 2019, the Congressional Budget Office estimates-$168 billion more than the deficit recorded during the same period last year. Revenues were $102 billion higher and outlays were $271 billion higher than in the same period in fiscal year 2018. Shifts in the timing of certain payments increased outlays in the first 11 months of this year by $52 billion; last year such shifts increased outlays by $28 billion. If not for those shifts, the increase in the deficit so far this year would have been $144 billion rather than $168 billion. In its most recent baseline projections, CBO estimated that the 2019 budget deficit would be $960 billion.' The deficit for the year is expected to be smaller than the shortfall in first 11 months because tax payments due in September are likely to yield a surplus in that month. The projected deficit for this year is $181 billion more than the deficit last year. The 2018 deficit was reduced by $44 billion, however, because certain payments that would ordinarily have been made on October 1, 2017 (the first day of fiscal year 2018), were instead made in fiscal year 2017 because October 1 fell on a weekend. If not for that shift, last year's shortfall would have been $823 billion, and the estimated increase in the deficit in 2019 would be $137 billion. Budget Totals, October-August Billions of Dollars Actual. FY 2018 Preliminary. FY 2019 Estimated Change Receipts 2,985 3,087 102 Outlays 3,883 4,154 271 Deficit (-) -898 -1.067 -168 Sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for July 2019 and the Daily Treasury Statements for August 2019. FY = fiscal year. Total Receipts: Up by 3 Percent in the First 11 Months of Fiscal Year 2019 Receipts totaled $3,087 billion during the first 11 months of fiscal year 2019, CBO estimates. The increase relative to last year was the result of changes in receipts from the following sources: m Individual income and payroll (social insurance) taxes together rose by $82 billion (or 3 percent). 1. See Congressional Budget Office, An Update to the Budget and Economic Outlook: 2019 to 2029 (August 2019), www.cbo.gov/publication/55551. 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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