Saturday, August 06, 2011

CBO: Federal Budget Deficit $1.1 Trillion for the First 10 Months of the Year

Revenues through July increased by $141 billion to nearly $1.9 trillion. That growth in revenues reflects a significant increase in receipts from individual income taxes combined with small changes in other receipts. Withheld income and payroll taxes rose by $53 billion (or 4 percent). Nonwithheld income and payroll taxes also increased (by $47 billion, or 17 percent); the bulk of that gain came from higher final payments made with 2010 individual income tax returns that were filed earlier this year. Receipts from unemployment insurance taxes rose by $10 billion as states replenished their trust funds, which were substantially depleted because of high unemployment. Revenues also rose because refunds of individual income taxes were down by about $21 billion (or 8 percent) during the past 10 months.