posted on 06 June 2015
May 2015 CBO Monthly Budget Review: Total Receipts Up by 9 Percent in the First Eight Months of Fiscal Year 2015
from the Congressional Budget Office
The federal government ran a budget deficit of $368 billion for the first eight months of fiscal year 2015, CBO estimates. That deficit was $68 billion smaller than the one recorded during the same period last year. Revenues and outlays were both higher than the amounts recorded during the same period in fiscal year 2014 - by 9 percent and 4 percent, respectively.
If not for shifts in the timing of certain payments (which otherwise would have fallen on a weekend), the deficit for the eight-month period would have been $33 billion less this year than it was in fiscal year 2014.
Total Receipts: Up by 9 Percent in the First Eight Months of Fiscal Year 2015
Receipts for the first eight months of fiscal year 2015 totaled $2,103 billion, CBO estimates—$166 billion (or 9 percent) more than receipts in the same period last year. The largest increases in receipts relative to last year were in the following categories:
Total Outlays: Up by 6 Percent (Adjusted for Timing Shifts) in the First Eight Months of Fiscal Year 2015
Outlays for the first eight months of fiscal year 2015 were $2,471 billion, $98 billion more than they were during the same period last year, CBO estimates. That increase would have been larger—$133 billion (or 6 percent)—if not for the shift of certain payments from June 2014 to May 2014 because June 1 fell on a weekend. (The discussion below reflects adjustments to account for those timing shifts.)
Outlays in several major categories increased:
The spending increases during the first eight months of fiscal year 2015 were partially offset by spending reductions for some other major components of the budget, CBO estimates, including the following:
For many other programs and activities, spending increased or decreased by smaller amounts, on net boosting outlays by $44 billion.
Estimated Deficit in May 2015: $85 Billion
The federal government recorded a deficit of $85 billion in May 2015, CBO estimates—$45 billion less than the deficit in May 2014. If not for the effects of timing shifts that occurred in May 2014, the deficit in May 2015 would have been $9 billion (or 10 percent) smaller than it was in the same month last year.
CBO estimates that receipts in May totaled $211 billion—$11 billion (or 6 percent) more than last year. Receipts from individual income taxes and payroll taxes account for most of that change; together, they rose by $9 billion (or 5 percent). The rise in individual income taxes and payroll taxes consisted of increases in both withheld and nonwithheld taxes, which rose by $7 billion and $3 billion, respectively.
Total spending in May 2015 was $296 billion, CBO estimates—$33 billion less than in May 2014. If not for the effects of timing shifts, outlays in May would have been $2 billion more than they were in the same month last year. (The changes discussed below reflect adjustments to account for those shifts.) Among the larger changes in outlays were the following:
Actual Surplus in April 2015: $157 Billion
The Treasury Department reported a surplus of $157 billion for April—about $2 billion larger than CBO estimated, on the basis of the Daily Treasury Statements, in the Monthly Budget Review for April 2015.
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