1 1 (November 7, 2017)

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November 7, 2017

                         Monthly Budget Review:

                    Summary for Fiscal Year 2017

In fiscal year 2017, which ended on September 30, the federal budget deficit totaled $666 billion-
$80 billion more than the shortfall recorded in 2016. The deficit increased to 3.5 percent of the nation's
gross domestic product (GDP) in 2017, up from 3.2 percent in 2016 and 2.4 percent in 2015-but far lower
than it was in 2009, when the deficit reached 9.8 percent of GDP.

                                        Fiscal Year Totals
                                        Billions of Dollars

                                2012        2013        2014       2015        2016        2017

 Receipts                      2,450       2,775       3,021       3,250       3,267       3,315
 Outlays                       3,537       3,455       3,506       3,688       3,852       3,981
 Deficit (-)
    Amount                    -1,087        -680        -485       -438        -586        -666
    Percentage of GDP           -6.8        -4.1        -2.8        -2.4        -3.2        -3.5
 Sources: Congressional Budget Office; Office of Management and Budget; Department of the Treasury.
 GDP = gross domestic product.

 In 2017, the government's revenues amounted to $3.3 trillion-$48 billion (or 1 percent) more than
receipts recorded in 2016. Revenues fell from 17.7 percent of GDP in 2016 to 17.3 percent in 2017,
dropping just below the average (17.4 percent) of the past 50 years (see the figure below).

Net spending by the government was $4.0 trillion in 2017-$128 billion (or about 3 percent) more than
spending in 2016. Outlays amounted to 20.8 percent of GDP in 2017, compared with 20.9 percent in 2016
and well below the 24.4 percent recorded in 2009 but still above the 50-year average of 20.3 percent.

Total Receipts: Up by 1 Percent in Fiscal Year 2017
Receipts from all major sources except payroll taxes declined as a percentage of GDP:

        Receipts from individual income taxes, the largest source of revenues, rose by $41 billion
        (or 3 percent). Those receipts fell from 8.4 percent of GDP in 2016 to 8.3 percent of GDP
        in 2017, still just above the average (8.0 percent) of the past 50 years.
            o   Income taxes withheld from workers' paychecks increased by $64 billion (or
                5 percent) because of growth in wages and salaries.
            o   Nonwithheld payments of income taxes, net of refunds, fell by $23 billion (or
                7 percent). That decline in payments may be the result of weakness in nonwage
                income in calendar year 2016, or it could be the result of taxpayers shifting income
                from 2016 to later years because they expected that legislation enacted this year
                would reduce tax rates in the future. Part of the weakness in receipts may also
                reflect smaller-than-anticipated payments for economic activity in 2017. The
                sources of the weakness will be better understood once data from tax returns start
                to become available later this year.

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