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1 Monthly Budget Review for December 2018 1 (January 8, 2019)

handle is hein.congrec/cbombrd0001 and id is 1 raw text is: January 8, 2019 Monthly Budget Review for December 2018 The federal budget deficit was $317 billion for the first quarter of fiscal year 2019, the Congressional Budget Office estimates, $92 billion more than the deficit recorded during the same period last year. Revenues were about the same and outlays were $93 billion (9 percent) higher than during the first quarter of 2018. Because January 1 is a holiday, outlays this year and last year were boosted by the shift of certain payments from January to December. However, last year's outlays for the quarter were reduced, on net, because of additional payment shifts from October 2017 (fiscal year 2018) into September 2017 (fiscal year 2017). (October 1, 2017, the first day of fiscal year 2018, fell on a weekend.) If not for those timing shifts, outlays so far this year would have been $49 billion, or 5 percent, larger than those in the same period last year, and the deficit would have risen by $47 billion. Budget Totals, October-December Billions of Dollars Actual, FY 2018 Preliminary FY 2019 Estimated Change Receipts 770 771 2 Outlays 994 1.088 93 Deficit (-) -225 -317 -92 Sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for November2018 and the Daily Treasury Statements for December 2018. FY = fiscal year. Total Receipts: Up by Less Than 1 Percent in the First Quarter of Fiscal Year 2019 Receipts totaled $771 billion during the first quarter of fiscal year 2019, CBO estimates-$2 billion more than during the same period last year. The changes between last year and this year were as follows: m Individual income and payroll (social insurance) taxes together fell by $1 billion (or less than 1 percent). o Amounts withheld from workers' paychecks decreased by $6 billion (or 1 percent). That change reflects growth in wages and salaries that was more than offset by a decline in the share of income withheld for taxes. In January 2018, the Internal Revenue Service issued new withholding tables to reflect changes made by last year's major tax legislation (Public Law 115-97) that took effect at the beginning of the current calendar year. 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 quarter of this fiscal year, but not during the same quarter 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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