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1 Monthly Budget Review for November 2017 1 (2017)

handle is hein.congrec/moburvn3897 and id is 1 raw text is: December 7, 2017 Monthly Budget Review for November 2017 The federal budget deficit was $198 billion for the first two months of fiscal year 2018, the Congressional Budget Office estimates, $15 billion more than the one recorded during the same period last year. Revenues and outlays alike were 6 percent higher than in October and November 2016. As was the case last year, this year's outlays were reduced by the shift of certain payments from October to September because October 1 fell on a weekend. Otherwise, outlays and the deficit through November would have been larger, both this year and last year-but the year-to-year differences would not have been very different. Outlays so far this year would have been $41 billion (rather than $39 billion, still about 6 percent) larger than those in the same period last year, and the deficit would have risen by $18 billion. Budget Totals, October-November Billions of Dollars Actual. FY 2017 Preliminary. FY 2018 Estimated Change Receipts 422 445 23 Outlays 604 643 39 Deficit (-) -183 -198 -15 Sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for October 2017 and the Daily Treasury Statements for November 2017. FY = fiscal year. Total Receipts: Up by 6 Percent in the First Two Months of Fiscal Year 2018 Receipts totaled $445 billion during the first two months of fiscal year 2018, CBO estimates-$23 billion more than during the same period last year. The changes between last year and this year were as follows: * Individual income and payroll (social insurance) taxes together rose by $24 billion (or 6 percent). o Amounts withheld from workers' paychecks rose by $24 billion (or 7 percent). That change reflects increases in wages and salaries. o Nonwithheld payments of income and payroll taxes, as well as individual income tax refunds, were all about the same as during the comparable period last year. Those payments are all generally very small at this point in the fiscal year. * Corporate income taxes fell by about $2 billion (from $3 billion in the first two months of fiscal year 2017 to about $1 billion so far this year). Because corporate income tax receipts in October and November generally represent a small percentage of the year's total, the results for those two months are not a significant indicator of receipts for the whole fiscal year. The first quarterly estimated payment of those taxes in the current fiscal year, for most corporations, is not due until December 15. * Receipts from other sources, on net, rose by $2 billion (or 4 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 add up to totals because of rounding.

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