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

1 Monthly Budget Review for January 2018 1 (February 7, 2018)

handle is hein.congrec/mobuvja0001 and id is 1 raw text is: February 7, 2018 Monthly Budget Review for January 2018 The federal budget deficit was $174 billion for the first four months of fiscal year 2018, the Congressional Budget Office estimates, $16 billion more than the shortfall recorded during the same period last year. Revenues and outlays were higher, by 4 percent and 5 percent, respectively, than during the first four months of fiscal year 2017. As was the case last year, this year's outlays were affected by shifts in the timing of certain payments that otherwise would have been due on a weekend. If not for those shifts, outlays and the deficit through January would have been slightly larger, both this year and last year-but the year-to-year changes would not have been very different. Budget Totals, October-January Billions of Dollars Actual, FY 2017 Preliminary. FY 2018 Estimated Change Receipts 1.085 1.131 46 Outlays 1.243 1,306 62 Deficit (-) -159 -174 -16 Sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for December 2017 and the Daily Treasury Statements for January 2018. FY = fiscal year. Total Receipts: Up by 4 Percent in the First Four Months of Fiscal Year 2018 Receipts totaled $1,131 billion during the first four months of fiscal year 2018, CBO estimates-$46 billion more than during the same period last year. That increase resulted from changes in receipts from the following sources: m Individual income and payroll (social insurance) taxes together rose by $68 billion (or 8 percent). o Amounts withheld from workers' paychecks rose by $65 billion (or 8 percent). That change largely reflects increases in wages and salaries. Payments of withheld taxes also may have been boosted, on net, by the anticipation of or by responses to the tax legislation that was enacted in December. o Nonwithheld payments of income and payroll taxes rose by $4 billion (or 3 percent). The first quarterly payment of estimated individual income taxes in the current fiscal year was due by January 15. 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.

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