The CBO states:
The federal government incurred a budget deficit of $721 billion in
the first seven months of fiscal year 2012, CBO estimates in its latest Monthly Budget Review—$149
billion less than the shortfall reported during the same period last
year. Without shifts in the timing of certain payments, however, the
deficit so far this year would have been only $92 billion smaller.
Because of the large inflows of tax revenues, the federal government
usually runs a budget surplus in April—though that did not occur in
2009, 2010, and 2011. This April, the Treasury realized a surplus of $58
billion, CBO estimates, in contrast with the $40 billion deficit
reported for the same month last year. The results in both years were
influenced by timing shifts of certain payments; adjusted for those
shifts, the surplus in April 2012 would have been $27 billion, compared
with a deficit of $13 billion in April 2011.
April Collections Were Up By 10 Percent
Receipts this April were $319 billion—$30 billion, or 10 percent,
higher than collections last April, CBO estimates. The largest boost to
net receipts came from a $14 billion decline in the amount of refunds
issued. Refunds were lower, in large part, because some that ordinarily
would have been recorded in April were made in prior months.
Withheld income and payroll taxes rose by $10 billion (or 7 percent),
while nonwithheld receipts from those sources, largely from tax
filings, rose by just $2 billion (or 1 percent). In addition, net
corporate income tax receipts were $3 billion higher, and all other
receipts $1 billion higher, on net, in April 2012 than in April 2011.
Total Receipts Through Seven Months Increased by 6 Percent
Including collections associated with the mid-April filing deadline,
receipts through the first seven months were about $1.38 trillion—$74
billion higher than receipts recorded in the same period last year, CBO
estimates.
The April collections are often dominated by Tax filings. Yet the 6% increase in total receipts is positive.
Posts
