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1 Monthly Budget Review for March 2019 1 (April 5, 2019)

handle is hein.congrec/cbombrmar0001 and id is 1 raw text is: April 5, 2019 Monthly Budget Review for March 2019 The federal budget deficit was $693 billion for the first half of fiscal year 2019, the Congressional Budget Office estimates, $94 billion more than the deficit recorded during the same period last year. Revenues were $9 billion (or 1 percent) higher and outlays were $103 billion (or 5 percent) higher than during the first half of 2018. Budget Totals, October-March Billions of Dollars Actual, FY 2018 Preliminary FY 2019 Estimated Change Receipts 1.497 1.506 9 Outlays 2.097 2.200 103 Deficit (-) -600 -693 -94 Sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for February 2019 and the Daily Treasury Statements for March 2019. FY = fiscal year. Total Receipts: Up Slightly in the First Half of Fiscal Year 2019 Receipts totaled $1,506 billion during the first half of fiscal year 2019, CBO estimates-$9 billion (or 1 percent) more than during the same period last year. That slight increase was the result of offsetting changes in receipts from the following sources: m Individual income and payroll (social insurance) taxes together rose by $14 billion (or 1 percent). o Amounts withheld from workers' paychecks fell by $6 billion (or less than 1 percent). That change reflects a decline in the share of income withheld for taxes, which more than offset increases in wages and salaries. The Internal Revenue Service (IRS) issued new withholding tables last January 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 six months of this fiscal year but for only a small portion of the same period last year. o Nonwithheld payments of income and payroll taxes rose by $9 billion (or 5 percent). The first quarterly payment of estimated individual income taxes in the current fiscal year was due on January 15. (That payment was for 2018 tax liabilities.) Most taxpayers will not make their final payment of income taxes for 2018 until this month, when individual tax returns are due. 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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