posted on 07 December 2015
from the Congressional Budget Office
The federal budget deficit was $200 billion for the first two months of fiscal year 2016, CBO estimates. That deficit was $22 billion larger than the one recorded during the same period last year. Revenues and outlays were both higher than last year's amounts, by 3 percent and 6 percent, respectively.
Total Receipts: Up by 3 Percent in the First Two Months of Fiscal Year 2016
Receipts through November totaled $416 billion, CBO estimates—$12 billion more than the amount for the same period last year. The largest year-over-year changes were the following:
Total Outlays: Up by 6 Percent in the First Two Months of Fiscal Year 2016
Outlays for the first two months of fiscal year 2016 were $616 billion, or $34 billion higher than they were during the same period last year, CBO estimates. Outlays in several major categories increased:
Changes in outlays for other programs mostly offset, on net.
Estimated Deficit in November 2015: $64 Billion
The federal government incurred a deficit of $64 billion in November 2015, CBO estimates—$7 billion more than the deficit in November 2014. If not for the shifts in payments from November to October in both 2014 and 2015 (because the regular payment dates fell on weekends), the deficit for this November would have been $3 billion more than last November's.
CBO estimates that receipts in November 2015 totaled $205 billion—$13 billion (or 7 percent) more than those in the same month last year. Individual income taxes and payroll taxes together rose by $14 billion (or 8 percent); an increase in withheld taxes for those sources explains nearly all of that change and in part reflects an extra business day in the month compared with November of last year.
Total spending in November 2015 was $269 billion, CBO estimates—$21 billion more than the sum in November 2014. Adjusted for timing shifts, outlays in November were $16 billion (or 6 percent) 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 these:
Actual Deficit in October 2015: $137 Billion
The Treasury Department reported a deficit of $137 billion for October—the same as CBO estimated last month, on the basis of the Daily Treasury Statements, in the Monthly Budget Review: Summary for Fiscal Year 2015.
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