MBRMAYO8

Legislation News & Report (TM)

TheWeekInCongress.com (TM)

Monthly Budget Review

Home

Contact: House / Senate

Newest Public Laws

Monthly Budget Review

Perspective

Legal

Previous Editions

Search & Research

Archives

Legislation in the Spotlight

Privacy

About Us

TheWeekInCongress.com

The Monthly Budget Review

May 2008

Tax return receipts were about 6% higher than during the same period up to April 15^th last year, but the government held a deficit of $151 billion for the first seven months of the fiscal year, $70 billion higher than this time last year.

Budget Totals Through April

	Actual FY 2007	Prelim. FY 2008	Est. Change
Receipts	$1.5 billion	$1.55 billion	44%
Outlays	$1.58 billion	$1.7 billion 115%
Deficit	$81 billion	$151 billion	70%

WHAT HAPPENED?

“Refunds of individual income tax payments (which count as revenue reductions) were $2 billion lower than CBO had anticipated, and refundable tax credits (which count

as outlays) were $2 billion higher,” CBO said. Generally, outlays grew by $115 billion and revenues grew by $44 billion.

WHERE THE MONEY CAME FROM

Because of the large flow of tax returns by April 15^th the government ran a surplus in April of $160 billion but the amount was $17 billion less than last year even though receipts were $19 billion higher than last year. Most of the funds came from individual tax returns. Net corporate tax receipts fell by $3 billion following similar declines over the past 10 months. The drop was smaller than the 15% rate of decline in the first half of the fiscal year.

Source	Actual FY 2007	Prelim FY 2008	Percent Change
Individual taxes	$705 billion	$745 billion	5.6%
Corp Taxes	$201 billion	$173 billion	-13.6%
Social Insurance	$508 billion	$525 billion	4%
Other	$90 billion	$102 billion	13.3%
Total	$1,5 billion	$1,55 billion	2.9%

WHERE THE MONEY WENT

About $1 billion went to stimulus rebates. Outlays were $37 billion higher than last April because of spending growth and calendar effects.

Outlays through April

Category	Actual FY 2007	Prelim FY 2008	Act / Adjust Change
Defense	$307 billion	$341 billion	11.1% / 10.2%
Social Security	$332 billion	$350 billion	5.5% / 5.5%
Medicare	$215 billion	$220 billion	2.1% / 4.4%
Medicaid	$110 billion	$117 billion	6.3% / 6.2%
Other	$482 billion	$523 billion	8.7% / 7.4%
Int. on Debt	$138 billion	$148 billion	6.7% / 6.7%
Total	$1,585 billion	$1,700billion	7.2% / 7%

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

No reproduction, language translation or distribution without written permission from TheWeekInCongress.com.(TM)