U.S. Congressional Budget Office Sept. Budget Estimate

Following is the Congressional Budget Office monthly U.S. budget estimate.

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                       Estimate   Actual
Fiscal                  Sept.     Sept.    Estimate  Estimate
Year                     2011      2010     Change     YOY%
================================================================
Total receipts           $240      $245      -$5        -2.0%
Total spending           $304      $280      $24         8.6%
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TOTAL BUDGET BALANCE     -$64      -$35      -$29       82.9%
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Comments:
The deficit in September was $64 billion, CBO
estimates, $29 billion greater than the shortfall recorded
a year ago. Without the shift to September of certain
payments that would ordinarily be made in October, the
deficit in September would have been $2 billion lower
than it was in the same month in 2010.
Receipts in September were about $5 billion (or
2 percent) lower than they were in the same month last
year, CBO estimates. Net receipts from the corporate
income tax declined by $11 billion (or 22 percent). Part
of that decline may be the result of an extension by the
Internal Revenue Service of filing and payment
deadlines for certain taxpayers in response to recent
natural disasters. The decline in corporate receipts was
partly offset by higher individual income and payroll
taxes. Withheld receipts from those sources rose by
$3 billion (or 2 percent), despite a temporary reduction
in the payroll tax rate that took effect in January 2011.
Nonwithheld receipts of individual income and payroll
taxes, mainly quarterly estimated payments of 2011
taxes, rose by $4 billion (or 9 percent).
Outlays were $24 billion higher in September than in
the same month last year. The timing shift discussed
earlier (affecting certain Medicare payments, military
pay and retirement benefits, veterans’ compensation and
pensions, and Supplemental Security Income benefits)
increased outlays by $31 billion in September 2011.
Without that shift, outlays would have been $7 billion
lower than they were in September 2010.
The Department of Education spent $7 billion less in
September 2011 than in September 2010, primarily
because of lower net subsidy costs for student loans. Net
spending for the Department of Energy was $3 billion
lower, mainly because of receipts from the sale of oil
from the Strategic Petroleum Reserve. Outlays also
were lower for unemployment insurance (by $4 billion)
and Medicaid (by $3 billion).
Partially offsetting those decreases, net payments to
Fannie Mae and Freddie Mac were $3 billion higher
than in September 2010. Social Security spending and
net interest payments on the public debt were each
$2 billion higher.
CBO estimates that the federal deficit was just under
$1.3 trillion in 2011, about the same as the deficit in
2010 but $14 billion more than CBO projected in
August: It appears that outlays were $3 billion higher
and revenues were $11 billion lower than CBO
expected.
================================================================
NOTE: Figures in billions of dollars.

SOURCE: Congressional Budget Office

To contact the reporter on this story: Chris Middleton in Washington at cmiddleton2@bloomberg.net

To contact the editor responsible for this story: Marco Babic at mbabic@bloomberg.net

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