Global Economic Intersection
Advertisement
  • Home
    • 카지노사이트
  • Economics
  • Finance
  • Politics
  • Investments
    • Invest in Amazon $250
  • Cryptocurrency
    • Best Bitcoin Accounts
    • Bitcoin Robot
      • Quantum AI
      • Bitcoin Era
      • Bitcoin Aussie System
      • Bitcoin Profit
      • Bitcoin Code
      • eKrona Cryptocurrency
      • Bitcoin Up
      • Bitcoin Prime
      • Yuan Pay Group
      • Immediate Profit
      • BitQH
      • Bitcoin Loophole
      • Crypto Boom
      • Bitcoin Treasure
      • Bitcoin Lucro
      • Bitcoin System
      • Oil Profit
      • The News Spy
      • Bitcoin Buyer
      • Bitcoin Inform
      • Immediate Edge
      • Bitcoin Evolution
      • Cryptohopper
      • Ethereum Trader
      • BitQL
      • Quantum Code
      • Bitcoin Revolution
      • British Trade Platform
      • British Bitcoin Profit
    • Bitcoin Reddit
    • Celebrities
      • Dr. Chris Brown Bitcoin
      • Teeka Tiwari Bitcoin
      • Russell Brand Bitcoin
      • Holly Willoughby Bitcoin
No Result
View All Result
  • Home
    • 카지노사이트
  • Economics
  • Finance
  • Politics
  • Investments
    • Invest in Amazon $250
  • Cryptocurrency
    • Best Bitcoin Accounts
    • Bitcoin Robot
      • Quantum AI
      • Bitcoin Era
      • Bitcoin Aussie System
      • Bitcoin Profit
      • Bitcoin Code
      • eKrona Cryptocurrency
      • Bitcoin Up
      • Bitcoin Prime
      • Yuan Pay Group
      • Immediate Profit
      • BitQH
      • Bitcoin Loophole
      • Crypto Boom
      • Bitcoin Treasure
      • Bitcoin Lucro
      • Bitcoin System
      • Oil Profit
      • The News Spy
      • Bitcoin Buyer
      • Bitcoin Inform
      • Immediate Edge
      • Bitcoin Evolution
      • Cryptohopper
      • Ethereum Trader
      • BitQL
      • Quantum Code
      • Bitcoin Revolution
      • British Trade Platform
      • British Bitcoin Profit
    • Bitcoin Reddit
    • Celebrities
      • Dr. Chris Brown Bitcoin
      • Teeka Tiwari Bitcoin
      • Russell Brand Bitcoin
      • Holly Willoughby Bitcoin
No Result
View All Result
Global Economic Intersection
No Result
View All Result

Monthly Budget Review for July 2014

admin by admin
August 7, 2014
in Uncategorized
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

from the Congressional Budget Office

The federal government ran a budget deficit of $462 billion for the first 10 months of fiscal year 2014, CBO estimates—$146 billion less than the shortfall recorded over the same span last year. Through the end of July, revenues were about 8 percent higher and outlays were about 1 percent higher than they were at the same point last year.

On the basis of the revenue and spending totals thus far this fiscal year, CBO expects that the annual deficit will be in the vicinity of $500 billion, slightly larger than the $492 billion that it projected in April. CBO will publish new budget projections later in August, including an updated estimate of the deficit for fiscal year 2014.

Budget Totals, October–July
(Billions of dollars)
Actual, FY 2013Preliminary, FY 2014Estimated Change
Receipts2,2872,469182
Outlays2,8952,93136
Deficit (-)-607-462146
Sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for June 2014 and the Daily Treasury Statements for July 2014.
Note: FY = fiscal year.

Total Receipts: Up by 8 Percent in the First 10 Months of Fiscal Year 2014

Receipts for the first 10 months of fiscal year 2014 totaled $2,469 billion, CBO estimates—$182 billion more than receipts in the same period last year. The largest increases were the following:

  • Individual income taxes and social insurance (payroll) taxes together rose by $124 billion, or 7 percent.
    • Increases in amounts withheld from workers’ paychecks—$97 billion (or 6 percent)—accounted for most of that gain. Growth in wages and salaries and changes in law were mostly responsible for the difference. In particular, the tax rates in effect from October 2013 through December 2013 (the first quarter of fiscal year 2014) were higher than those in effect from October 2012 through December 2012 as a result of two changes that took effect in January 2013: the expiration of the 2 percentage-point payroll tax cut and an increase in tax rates for income above certain thresholds.
    • Nonwithheld receipts rose by $30 billion (or 7 percent) because of increased payments made for the 2013 and 2014 tax years. Those increases were slightly offset by income tax refunds that were up by $2 billion (or 1 percent).

  • Receipts from corporate income taxes rose by $31 billion (or 15 percent), probably because of growth in taxable profits in calendar years 2013 and 2014. Receipts from April through June—largely representing corporations’ first two quarterly estimated tax payments for the 2014 tax year—increased by about $12 billion (or 12 percent).
  • Receipts from the Federal Reserve rose by $22 billion (or 34 percent). The increase was attributable in part to the larger size of the central bank’s portfolio of securities and to a higher yield on that portfolio.
Receipts, October–July
(Billions of dollars)
Major Program or CategoryActual,
FY 2013
Preliminary,
FY 2014
Estimated Change
Billions of DollarsPercent
Individual Income Taxes1,0901,144534.9
Social Insurance Taxes790861719.0
Corporate Income Taxes2132443114.6
Other Receipts1942202613.6
Total2,2872,4691827.9
Memorandum:
Combined Individual Income and Social Insurance Taxes
Withheld taxes1,6301,727976.0
Other, net of refunds2512782710.7
Total1,8812,0051246.6
Sources: Congressional Budget Office; Department of the Treasury.
Note: FY = fiscal year.

Total Outlays: Up by 1 Percent in the First 10 Months of Fiscal Year 2014

Outlays for the first 10 months of fiscal year 2014 were $2,931 billion, by CBO’s estimate—$36 billion (or 1 percent) more than they were in the same period last year. That difference would have been $40 billion if not for the fact that some deposit insurance premiums that would ordinarily have been paid in 2013 were prepaid in 2010.

Outlays increased for several major programs or categories of spending, CBO estimates:

  • Spending for Social Security benefits rose by $31 billion (or 5 percent).
  • Outlays for two low-income health care programs—Medicaid and the subsidies for health insurancepurchased through the exchanges created under the Affordable Care Act (ACA) (which are included in “Other Activities” in the table below)—were $37 billion (or 17 percent) higher in 2014 than they were for the same period in 2013, largely because some of the ACA’s provisions took effect in January 2014.
  • The net cost of student loans (also included in “Other Activities”) increased by $20 billion because the Department of Education made upward revisions this June, and downward revisions last June, in the estimated net subsidy recorded for loans and loan guarantees issued in prior years.
  • Net outlays also increased because payments made by Fannie Mae and Freddie Mac to the U.S. Treasury were $14 billion less than they were last year. (Such payments are recorded in the budget as offsetting receipts; that is, as reductions in outlays.) Because of a revaluation of certain tax assets that significantly increased the net worth of Fannie Mae, that government-sponsored enterprise made a onetime payment of roughly $50 billion to the Treasury in fiscal year 2013. Freddie Mac made a payment for a similar reason early in fiscal year 2014, but that payment was only half the amount that Fannie Mae paid in the previous fiscal year. The difference in net receipts from those two large payments has been partially offset by the larger quarterly payments made by Fannie Mae and Freddie Mac this year.

By CBO’s estimates, decreases in spending for some other major programs during the first 10 months of fiscal year 2014 partially offset the increases mentioned above:

  • Total spending for military activities of the Department of Defense fell by $29 billion (or 6 percent).
  • Outlays for unemployment benefits declined by $21 billion (or 34 percent), mostly because fewer people have received those benefits since the Emergency Unemployment Compensation program expired at the end of December 2013.
  • Net outlays of the Federal Deposit Insurance Corporation (FDIC, included in “Other Activities” in the table below) declined by $14 billion for two reasons: First, insured financial institutions did not pay premiums to FDIC during the first half of fiscal year 2013 because they had prepaid those premiums in fiscal year 2010. (Such payments are recorded in the budget as offsetting receipts.) Second, in June 2013, FDIC refunded excess insurance premiums that had previously been paid by certain institutions; no such refund occurred in 2014.
  • Spending by the Department of Homeland Security (also included in “Other Activities”) fell by $14 billion (or 28 percent), mostly because outlays for flood insurance and disaster relief were smaller than they were in the first 10 months of fiscal year 2013.
Outlays, October–July
(Billions of dollars)
Major Program or CategoryActual,
FY 2013
Preliminary,
FY 2014
Estimated
Change
Estimated Change
With Adjustments for
Timing Shiftsa
Billions of DollarsPercent
DoD—Militaryb507477-29-29-5.8
Social Security Benefits66769831314.7
Medicarec412419771.6
Medicaid221249282812.8
Unemployment Insurance6241-21-21-33.8
Other Activities901892-9-5-0.6
Subtotal2,7692,7767100.4
Net Interest on the Public Debt21622711115.0
Troubled Asset Relief Program-9-555n.m.
Net Outlays for GSEs-82-681414n.m.
Total2,8952,93136401.4
Sources: Congressional Budget Office; Department of the Treasury.
Note: FY = fiscal year; DoD = Department of Defense; n.m. = not meaningful;
GSEs = the government-sponsored enterprises Fannie Mae and Freddie Mac.
a. Adjusted amounts exclude the effects of prepayments of deposit insurance premiums.
b. Excludes a small amount of spending by DoD on civil programs.
c. Medicare outlays are net of offsetting receipts.

Estimated Deficit in July 2014: $96 Billion

By CBO’s estimates, the federal government recorded a deficit of $96 billion in July 2014—slightly less than the deficit of July 2013.

CBO estimates that receipts in July 2014 totaled $210 billion—$10 billion (or 5 percent) more than those in the same month last year. Much of the revenue gain occurred because the Federal Reserve remitted to the Treasury about $4 billion more in July this year than it did a year ago, mostly because of the central bank’s larger portfolio and the higher yield on it.

Budget Totals for July
(Billions of dollars)
Actual,
FY 2013
Preliminary,
FY 2014
Estimated Change
Billions of DollarsPercent
Receipts200210105.1
Outlays29830682.9
Deficit (-)-98-962-1.7
Sources: Congressional Budget Office; Department of the Treasury.
Note: FY = fiscal year.

 

Total spending in July 2014 was $306 billion, CBO estimates—$8 billion (or 3 percent) more than outlays in the same month of 2013. Among the larger changes in outlays this July, compared with those last July, were the following:

  • Outlays for Medicaid increased by $8 billion (or 36 percent), principally because most provisions of the Affordable Care Act—notably those expanding eligibility to a larger group of low-income people—had not yet taken effect in July 2013.
  • Spending for Social Security rose by $3 billion (or 4 percent).
  • Outlays for net interest in the public debt rose by $3 billion (or 14 percent).
  • Outlays for Medicare (net of offsetting receipts) increased by $2 billion (or 4 percent).
  • Spending for military activities of the Department of Defense fell by $4 billion (or 7 percent).
  • Outlays for unemployment benefits declined by $3 billion (or 44 percent).

Surplus in June 2014: $71 Billion

The Treasury Department reported a surplus of $71 billion for June—$1 billion more than CBO estimated in the Monthly Budget Review for June 2014 on the basis of the Daily Treasury Statements.

Note: The amounts shown in this report include the surplus or deficit in the Social Security trust funds and the net cash flow of the Postal Service, which are off-budget. Numbers may not add up to totals because of rounding.

Source: http://www.cbo.gov/publication/45629

Previous Post

U.S. Gasoline Imports Rise Following Temporary Easing of Fuel Standards

Next Post

Time for an Oil Supply Cutoff Hedge?

Related Posts

Unlocking the Future: Google's Game-Changing Move to Advertise NFT Games Starting September 15th
Business

Unlocking the Future: Google’s Game-Changing Move to Advertise NFT Games Starting September 15th

by John Wanguba
September 8, 2023
Bitcoin Is Finally Trading Perfectly Like 'Digital Gold'
Economics

Bitcoin Is Finally Trading Perfectly Like ‘Digital Gold’

by John Wanguba
August 5, 2023
Can Worldcoin Overtake Bitcoin?
Economics

Can Worldcoin Overtake Bitcoin?

by John Wanguba
August 4, 2023
Bitcoin Is Steady Above $29,000 Awaiting US NFP Figures
Economics

Bitcoin Is Steady Above $29,000 Awaiting US NFP Figures

by John Wanguba
August 4, 2023
Namibia Will Regulate And Not Ban Crypto With New Law
Finance

Namibia Will Regulate And Not Ban Crypto With New Law

by John Wanguba
July 25, 2023
Next Post

Time for an Oil Supply Cutoff Hedge?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Browse by Category

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized

Browse by Tags

adoption altcoins bank banking banks Binance Bitcoin Bitcoin market blockchain BTC BTC price business China crypto crypto adoption cryptocurrency crypto exchange crypto market crypto regulation decentralized finance DeFi Elon Musk ETH Ethereum Europe Federal Reserve finance FTX inflation investment market analysis Metaverse NFT nonfungible tokens oil market price analysis recession regulation Russia stock market technology Tesla the UK the US Twitter

Archives

  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • August 2010
  • August 2009

Categories

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized
Global Economic Intersection

After nearly 11 years of 24/7/365 operation, Global Economic Intersection co-founders Steven Hansen and John Lounsbury are retiring. The new owner, a global media company in London, is in the process of completing the set-up of Global Economic Intersection files in their system and publishing platform. The official website ownership transfer took place on 24 August.

Categories

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized

Recent Posts

  • Unlocking the Future: Google’s Game-Changing Move to Advertise NFT Games Starting September 15th
  • Bitcoin Is Finally Trading Perfectly Like ‘Digital Gold’
  • Can Worldcoin Overtake Bitcoin?

© Copyright 2021 EconIntersect - Economic news, analysis and opinion.

No Result
View All Result
  • Home
  • Contact Us
  • Bitcoin Robot
    • Bitcoin Profit
    • Bitcoin Code
    • Quantum AI
    • eKrona Cryptocurrency
    • Bitcoin Up
    • Bitcoin Prime
    • Yuan Pay Group
    • Immediate Profit
    • BitIQ
    • Bitcoin Loophole
    • Crypto Boom
    • Bitcoin Era
    • Bitcoin Treasure
    • Bitcoin Lucro
    • Bitcoin System
    • Oil Profit
    • The News Spy
    • British Bitcoin Profit
    • Bitcoin Trader
  • Bitcoin Reddit

© Copyright 2021 EconIntersect - Economic news, analysis and opinion.