December 2018 CBO Monthly Budget Review: Total Receipts Up By 1% And Spending Up 9% In The First Quarter Of Fiscal Year 2019

from the Congressional Budget Office

The federal budget deficit was $317 billion for the first quarter of fiscal year 2019, CBO estimates, $92 billion more than the deficit recorded during the same period last year. Revenues were about the same and outlays were $93 billion (9 percent) higher than during the first quarter of 2018.

Because January 1 is a holiday, outlays this year and last year were boosted by the shift of certain payments from January to December. However, last year's outlays for the quarter were reduced, on net, because of additional payment shifts from October 2017 (fiscal year 2018) into September 2017 (fiscal year 2017). (October 1, 2017, the first day of fiscal year 2018, fell on a weekend.) If not for those timing shifts, outlays so far this year would have been $49 billion, or 5 percent, larger than those in the same period last year, and the deficit would have risen by $47 billion.

Total Receipts: Up by Less Than 1 Percent in the First Quarter of Fiscal Year 2019

Receipts totaled $771 billion during the first quarter of fiscal year 2019, CBO estimates—$2 billion more than during the same period last year. The changes between last year and this year were as follows:

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