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posted on 11 September 2017

August 2017 CBO Monthly Budget Review: Total Receipts Up by 2 Percent in the First Eleven Months of Fiscal Year 2017

from the Congressional Budget Office

The federal budget deficit was $675 billion for the first 11 months of fiscal year 2017, CBO estimates - $56 billion more than the shortfall recorded during the same span last year.

Both receipts and outlays were higher than they were last year, but outlays rose much more. If not for shifts in the timing of certain payments (which otherwise would have fallen on a weekend), the deficit for the 11‑month period would have been $97 billion larger than the amount recorded in that period last year.

CBO's most recent estimate of the 2017 deficit is $693 billion (compared with a $585 billion shortfall in 2016), as discussed in the agency's June 2017 report An Update to the Budget and Economic Outlook: 2017 to 2027. The deficit for 2017 is likely to be smaller than CBO projected in June because the budget typically shows a surplus in September as a result of substantial receipts from quarterly payments of individual and corporate income taxes.

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