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1 1 (August 7, 2019)

handle is hein.congrec/cbomth0001 and id is 1 raw text is: August 7, 2019 Monthly Budget Review for July 2019 The federal budget deficit was $867 billion for the first 10 months of fiscal year 2019, the Congressional Budget Office estimates-$184 billion more than the deficit recorded during the same period last year. Revenues were $92 billion higher and outlays were $276 billion higher than in the same period in fiscal year 2018. However, outlays in the first 10 months of last year were reduced by shifts in the timing of certain payments. If not for those shifts, the deficit for that period would have been $44 billion greater, and the increase in the deficit so far this year would have been $140 billion rather than $184 billion. Budget Totals, October-July Billions of Dollars Actual. FY 2018 Preliminary. FY 2019 Estimated Change Receipts 2,766 2,858 92 Outlays 3,450 3.726 276 Deficit (-) -684 -867 -184 Sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for June 2019 and the Daily Treasury Statements for July 2019. FY = fiscal year. Total Receipts: Up by 3 Percent in the First 10 Months of Fiscal Year 2019 Receipts totaled $2,858 billion during the first 10 months of fiscal year 2019, CBO estimates-$92 billion (or 3 percent) more than during the same period last year. That increase was the result of changes in receipts from the following sources: m Individual income and payroll (social insurance) taxes together rose by $78 billion (or 3 percent). o Amounts withheld from workers' paychecks rose by $51 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 withholding tables in January 2018 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. Those new withholding rates were in effect during the first 10 months of this fiscal year but for only five and a half months of the same period last year. o Nonwithheld payments of income and payroll taxes rose by $9 billion (or 1 percent). o Income tax refunds were down by $22 billion (or 8 percent), further boosting net receipts. 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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