TheWeekInCongress.com (TM)
Week Ending June 9, 2006
The Federal government gathered $223 billion in debt since October 1, 2005, the beginning of fiscal year 2006. The amount is estimated at $50 billion less than the same period in fiscal year 2005.
WHAT HAPPENED?
Revenues were 13% higher than the previous year and outlays grew only by 8%. Treasury announced a $119 billion surplus in April 2006.
Receipts $315 billion
Outlays $196 billion
Surplus $119 billion
WHERE THE MONEY CAME FROM
May 2006 receipts were 26% higher than May 2005. Receipts for the entire 8 months of FY 2006 went up by 12.8 %. Individual income taxes and payroll taxes were up by $15 billion largely because large amounts of April taxes were filed in May this year and because there was an extra business day in May 2006. Also, corporate income taxes and Fed earnings were up about $2.5 billion.
RECEIPTS THROUGH MAY
|
SOURCE |
FY 2005 |
FY 2006 |
CHANGE |
|
Individual Taxes |
$605 billion |
$687 billion |
+13.6 % |
|
Corporate taxes |
$141 billion |
$184 billion |
+30.1 % |
|
Social Insurance |
$525 billion |
$563 billion |
+7.2% |
|
Other |
$98 billion |
$11 billion |
+13.3% |
|
Total |
$1.369 trillion |
$1.545 trillion |
+12.8 % |
WHERE THE MONEY WENT
OUTLAYS THROUGH MAY
|
CATEGORY |
FY 2005 |
FY2006 |
ADJUSTED |
|
Defense |
$306 billion |
$328 billion |
7.4% |
|
SS Benefits |
$340 billion |
$360 billion |
5.8% |
|
Medicare |
$215 billion |
$244 billion |
15.3% |
|
Medicaid |
$120 billion |
$118 billion |
-1.7% |
|
Other |
$536 billion |
$566 billion |
7.2% |
|
Subtotal |
$1.518 trillion |
$1.617 trillion |
7.4% |
|
Public Debt (interest) |
$124 billion |
$151 billion |
21.7% |
|
Totals |
$1.642 trillion |
$1.767 trillion |
8.5% |
The drop in Medicaid spending is evidence that Medicare is now picking up some of the expense of prescription drug benefits for seniors. Most increases in the “Other’ category is attributed to FEMA spending for flood insurance claims and disaster relief after Hurricane Katrina.
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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