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Monthly Budget review

TheWeekInCongress.com

The Monthly Budget Review

April 2008

The Federal Government has incurred a deficit of $310 billion thus far in FY 2008. The amount is $51 billion more than the deficit last year at this time.

WHAT HAPPENED?

Outlays have risen by 5% and revenues have grown by 2%. The February deficit was $176 billion. The March deficit estimate is $47 billion. Although the $47 billion is $50 billion less than the month last year but the savings are attributed to differences in timing of tax refunds and some payments. Adjusted for those difference the deficit would have been a few billion higher than last year at this time.

March receipts were $177 billion or $10 billion higher than last year. Revenues would have been unchanged but this March had one fewer Friday (when most returns are reported. Consequently the refunds (outlays) were $10 billion less that last year. Withheld income and payroll taxes grew by $6 billion but corporate taxes weakened by $7 billion. Outlays for this March were lower because the first day of then month fell on a weekend shifting $22 billion in payments from March to the end of February. Because April 1^st fell on a weekend in 2007 about $20 billion in tax payments were shifted from April to March 2007.

Receipts through March were $1,144 billion Outlays were $1,454 billion.

WHERE THE MONEY CAME FROM

Receipts through March 2008

WHERE THE MONEY WENT

This Report is revised from the original CBO report compiled by CBO’s Mark Booth, Chad Chirico, Barbara Edwards, and Kathy Gramp.

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