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1 Monthly Budget Review for November 2018 1 (December 10, 2018)

handle is hein.congrec/cbombrnv0001 and id is 1 raw text is: December 10, 2018 Monthly Budget Review for November 2018 The federal budget deficit was $303 billion for the first two months of fiscal year 2019, the Congressional Budget Office estimates, $102 billion more than the deficit recorded during the same period last year. Revenues and outlays were higher-by 3 percent and 18 percent, respectively-than in October and November 2017. Because December 1, 2018, fell on a weekend, however, this year's outlays were boosted by the shift of certain payments from December to November. Last year's outlays for the same period were reduced by a similar amount because of payment shifts from October 2017 into fiscal year 2016. (October 1, 2017, the first day of fiscal year 2017, also fell on a weekend.) If not for those timing shifts, outlays and the deficit through November would have been larger last year and smaller this year. Outlays so far this year would have been $27 billion, or 4 percent larger than those in the same period last year, and the deficit would have risen by $13 billion. Budget Totals, October-November Billions of Dollars Actual. FY 2018 Preliminary. FY 2019 Estimated Change Receipts 444 458 14 Outlays 645 761 115 Deficit (-) -202 -303 -102 Sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for October 2018 and the Daily Treasury Statements for November 2018. FY = fiscal year. Total Receipts: Up by 3 Percent in the First Two Months of Fiscal Year 2019 Receipts totaled $458 billion during the first two months of fiscal year 2019, CBO estimates-$14 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 rose by less than $1 billion (or less than 1 percent). o Amounts withheld from workers' paychecks dropped by $4 billion (or 1 percent). That change largely reflects a decline in the share of income withheld for taxes, a consequence of changes made by last year's major tax legislation (Public Law 115-97), which took effect at the beginning of the current calendar year. o Nonwithheld payments of income and payroll taxes rose by $6 billion (or 18 percent) but individual income tax refunds rose by $2 billion (or 8 percent), offsetting some of that increase. Those two sources of payments generally are small at this point in the fiscal 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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