About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

1 Monthly Budget Review for September 2019 1 (October 7, 2019)

handle is hein.congrec/cbombrsep0001 and id is 1 raw text is: October 7, 2019 Monthly Budget Review for September 2019 The federal budget deficit was $984 billion in fiscal year 2019, the Congressional Budget Office estimates. CBO's estimate is based on data from the Daily Treasury Statements issued by the Department of the Treasury; the department will report the actual deficit for fiscal year 2019 later this month. Relative to the size of the economy, the deficit-at an estimated 4.7 percent of gross domestic product (GDP)-was the highest since 2012, and 2019 was the fourth consecutive year in which the deficit increased as a percentage of GDP. The estimated deficit is $205 billion more than the shortfall recorded in fiscal year 2018. However, that year's outlays were affected by a shift in the timing of certain payments. Because October 1, 2017, fell on a weekend, $44 billion in outlays was shifted to September of fiscal year 2017. If not for that, the 2019 deficit would have been $162 billion larger than the 2018 amount, rather than $205 billion larger. Excluding that effect, revenues were 4 percent higher and outlays were 7 percent higher in 2019 than they were in 2018, CBO estimates. The deficit of $984 billion is about $24 billion larger than the shortfall that CBO projected in its August 2019 report, An Update to the Budget and Economic Outlook: 2019 to 2029. Revenues exceeded the projection by $11 billion but outlays exceeded the projection by $35 billion, according to CBO's estimates. Fiscal Year Totals Billions of Dollars Actual, FY 2018 Prelirninary. FY 2019 Estimated Change Receipts 3.329 3,462 133 Outlays 4.108 4,446 338 Deficit (-) -779 -984 -205 Sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for August 2019 and the Daily Treasury Statements for September 2019. FY = fiscal year. Total Receipts: Up by 4 Percent in Fiscal Year 2019 Receipts totaled $3,462 billion in 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 $107 billion (or 4 percent). o Amounts withheld from workers' paychecks rose by $78 billion (or 3 percent). That change largely reflects increases in wages and salaries that were partly offset by a decline in the share of income withheld for taxes. The Internal Revenue Service issued new 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.

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Short-term subscription options include 24 hours, 48 hours, or 1 week to HeinOnline.

Purchase Access

Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most