posted on 10 January 2017
December 2016 CBO Monthly Budget Review: Total Receipts Down by 3 Percent in the First Quarter of Fiscal Year 2017
from the Congressional Budget Office
The federal budget deficit was $207 billion for the first three months of fiscal year 2017, CBO estimates - $8 billion less than the shortfall recorded during the same period last year.
The federal budget deficit was $207 billion for the first three months of fiscal year 2017, the Congressional Budget Office estimates—$8 billion less than the shortfall recorded during the same period last year. But that result was affected by shifts in the timing of certain payments that otherwise would have been due on a weekend or holiday. If not for those shifts, outlays in the first quarter of this year would have been $33 billion greater than those in the same quarter last year, rather than $34 billion less, and the deficit would have risen by about $58 billion.
Total Receipts: Down by 3 Percent in the First Quarter of Fiscal Year 2017
Receipts through December totaled $740 billion, CBO estimates—$25 billion less than the sum collected in the same period last year. The largest year-over-year changes were the following:
Total Outlays: Down by 4 Percent in the First Quarter of Fiscal Year 2017
Outlays for the first three months of fiscal year 2017 were $948 billion, $34 billion less than they were during the same period last year, CBO estimates. If not for shifts in the timing of certain payments, outlays would have been $33 billion (or 4 percent) greater. (Those timing shifts decreased outlays in the first quarter of fiscal year 2017 and increased them in the first quarter of fiscal year 2016.) The discussion below reflects adjustments to remove the effects of those timing shifts.
The largest increases in outlays were the following:
Outlays in some areas of the budget declined:
For other programs and activities, spending increased or decreased by smaller amounts.
Estimated Deficit in December 2016: $26 Billion
The federal government incurred a deficit of $26 billion in December 2016, CBO estimates—$12 billion more than the deficit in December 2015. If not for the shifts in payments in both years, the deficit for this December would have been $7 billion, compared with a surplus of $31 billion last December.
CBO estimates that receipts in December 2016 totaled $319 billion—$31 billion (or 9 percent) less than those in the same month last year. Remittances from the Federal Reserve to the Treasury declined by $23 billion, largely because the central bank remitted a onetime payment of $19 billion in December 2015. Corporate income taxes also declined by $5 billion in December, when most corporations made their final quarterly estimated payment for tax year 2016.
Total spending in December 2016 was $345 billion, CBO estimates—$19 billion less than spending in December 2015. If not for timing shifts, outlays in December would have been $6 billion (or 2 percent) more than they were in the same month last year. (The changes discussed below reflect adjustments to remove the effects of those shifts.)
Among the larger changes in outlays were these:
Spending for other programs and activities increased or decreased by smaller amounts.
Actual Deficit in November 2016: $137 Billion
The Treasury Department reported a deficit of $137 billion for November—$2 billion more than CBO estimated last month, on the basis of the Daily Treasury Statements, in the Monthly Budget Review for November 2016.
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