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Monthly Budget Review – December 2012

“The federal budget deficit was $293 billion for the first three months of fiscal year 2013 (that is, October through December 2012), $29 billion less than the shortfall recorded in the first quarter of last fiscal year, CBO estimates. Without shifts in the timing of certain payments in both years, however, the deficit for the three-month period would have been about $60 billion lower this year than in fiscal year 2012. Total Receipts Were Up by 11 Percent in the First Quarter of Fiscal Year 2013. Receipts for the first three months of fiscal year 2013 totaled $616 billion, $60 billion more than those in the same period last year. Compared with receipts in the first quarter of last year:

  • Individual income and payroll (social insurance) taxes together rose by $44 billion, or 10 percent—accounting for most of the first quarter’s gain in revenues. Taxes withheld from workers’ paychecks rose by $45 billion (or 10 percent) and nonwithheld receipts rose by $2 billion (or 8 percent). Those increases were offset by a $3 billion decline in receipts from unemployment taxes.
  • Net corporate income taxes increased by $7 billion (or 13 percent); payments rose by $6 billion and refunds fell by $1 billion.
  • Other revenues rose by $10 billion. Receipts from the Federal Reserve rose by about $6 billion, mostly because receipts in the last quarter of calendar year 2011 were unusually low compared with those both before and since. In addition, excise tax receipts rose by $2 billion (or 12 percent) and customs duties rose by $1 billion (or 11 percent).”

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