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Monthly Budget Review for May 2016

“The federal budget deficit was $408 billion for the first eight months of fiscal year 2016, the Congressional Budget Office estimates—$41 billion more than the shortfall recorded during the same period last year. Outlays were 3 percent higher than they were at this time last year, and receipts were 2 percent higher.
Total Receipts: Up by 2 Percent in the First Eight Months of Fiscal Year 2016 – Receipts totaled $2,137 billion during the first eight months of fiscal year 2016, CBO estimates—$33 billion more than they did during the same period last year. The changes were as follows:

  • Individual income taxes and payroll (social insurance) taxes together rose by $41 billion (or 2 percent).
    • Amounts withheld from workers’ paychecks accounted for an increase of $61 billion (or 4 percent). Growth in wages and salaries probably explains that increase.
    • Nonwithheld receipts declined by $4 billion (or 1 percent). That decline stemmed from two partially offsetting changes: a drop of $16 billion (or 5 percent), mostly in people’s final tax payments for 2015, during the tax-filing season from February through April; and an increase of $11 billion during the other months covered in this report.
    • Income tax refunds increased by $13 billion (or 6 percent), reducing net receipts.
    • Receipts from unemployment insurance taxes (one kind of payroll tax) fell by $2 billion…”

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