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1 1 (2020)

handle is hein.congrec/cbombrdcb0001 and id is 1 raw text is: t January 8, 2020 Monthly Budget Review for December 2019 The federal budget deficit was $358 billion in the first quarter of fiscal year 2020, the Congressional Budget Office estimates, $39 billion more than the deficit recorded during the same period last year. Revenues and outlays alike were higher this year-by 5 percent and 7 percent, respectively. As was the case last year, this year's outlays in the first quarter increased because of shifts in the timing of certain payments that otherwise would have been due on January 1, a holiday. If not for those shifts, the deficit through December would have been roughly $20 billion smaller, both this year and last year- $336 billion this year and $298 billion last year-but the year-to-year change would not have been very different. Budget Totals, October-December Billions of Dollars Actual, FY 2019 Preliminary, FY 2020 Estimated Change Receipts 771 806 35 Outlays 1.090 1.164 74 Deficit (-) -319 -358 -39 Sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for November 2019 and the Daily Treasury Statements for December 2019. FY = fiscal year. Total Receipts: Up by 5 Percent in the First Quarter of Fiscal Year 2020 Receipts totaled $806 billion during the first three months of fiscal year 2020, CBO estimates-$35 billion more than during the same period last year. The changes from last year to this year were as follows: Individual income and payroll (social insurance) taxes together rose by $29 billion (or 5 percent). o Amounts withheld from workers' paychecks rose by $27 billion (or 4 percent), reflecting increases in wages and salaries. o Nonwithheld payments of income and payroll taxes rose by $1 billion (or 2 percent), but individual income tax refunds fell by $1 billion (or 6 percent), increasing net receipts. Those payments and refunds are generally small at this point in the fiscal year. Corporate income taxes rose, on net, by $11 billion (or 21 percent). For most corporations, the first quarterly estimated tax payment for the current fiscal year was due on December 16. Those payments were largely for 2019 taxes. 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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