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1 Monthly Budget Review: Summary for Fiscal Year 2019 1 (November 7, 2019)

handle is hein.congrec/cbombvw0001 and id is 1 raw text is: November 7, 2019 Monthly Budget Review: Summary for Fiscal Year 2019 In fiscal year 2019, which ended on September 30, the federal budget deficit totaled $984 billion- $205 billion more than the shortfall recorded in 2018. The deficit increased to 4.6 percent of the nation's gross domestic product (GDP) in 2019, up from 3.8 percent in 2018 and 3.5 percent in 2017. As a result, federal debt held by the public rose to 79.2 percent of GDP, up from 77.4 percent at the end of fiscal year 2018. Outlays in 2018 were reduced by a shift in the timing of certain payments; those payments were instead made in fiscal year 2017 because October 1, 2017 (the first day of fiscal year 2018), fell on a weekend. If not for that shift, the deficit in 2018 would have been $823 billion, or 4.0 percent of GDP. Fiscal Year Totals Billions of Dollars 2014 2015 2016 2017 2018 2019 Receipts 3,021 3,250 3.268 3.316 3.329 3,462 Outlays 3,506 3,692 3,853 3.982 4.108 4.447 Deficit (-) Amount -485 -442 -585 -665 -779 -984 Percentage of GDP -2.8 -2.4 -3.2 -3.5 -3.8 -4.6 Sources: Congressional Budget Office; Office of Management and Budget; Department of the Treasury. GDP = gross domestic product. In 2019, the government's revenues amounted to $3.5 trillion-$133 billion (or 4 percent) more than in 2018. As a percentage of GDP, revenues fell from 16.4 percent in 2018 to 16.3 percent in 2019, remaining below the average (17.4 percent) for the past 50 years. Net spending by the government was $4.4 trillion in 2019-$339 billion (or 8 percent) more than in 2018. Outlays amounted to 21.0 percent of GDP in 2019, compared with 20.2 percent in 2018, and above the 50 year average (20.4 percent). If not for the shift in the timing of certain payments, outlays in 2018 would have equaled 20.4 percent of GDP. Total Receipts: Up by 4 Percent in Fiscal Year 2019 Each of the major sources of revenues increased relative to the amounts recorded in 2018: m Receipts from individual income taxes, the largest source of revenues, rose by $34 billion (or 2 percent). As a share of the economy, those receipts fell from 8.3 percent of GDP in 2018 to 8.1 percent of GDP in 2019, remaining just above the 50-year average of 8.0 percent. 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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