Number: RL32812
Title: The Budget for Fiscal Year 2006
Authors: Philip D. Winters, Government and Finance Division 
Abstract: The Treasury released final budget total for FY2006 on October 11, 2006. The deficit was $248 billion, well below the Administration's original estimate ($390 billion) in its FY2006 budget (February 2005) or OMB's more recent July 2006 estimate of $296 billion. Substantially higher receipts ($2,407 billion) than previously estimated produced most of the fall in the deficit. The Administration had originally expected FY2006 receipts to be $2,178 billion (February 2005). The Administration was expecting receipts to be $2,285 billion in February 2006. By July 2006, OMB's receipt estimate had risen to $2,400 billion. Outlays for FY2006 were $2,654 billion, larger than originally proposed by the President for FY2006 ($2,568 billion), but below the revised level in the FY2007 budget ($2,709 billion; February 2006).
Pages: 27
Date: October 23, 2006