U.S. tax revenue is running as much as $70 billion behindestimates more than halfway through the fiscal year, leaving thegovernment with less cash than planned and adding to pressure onCongress to raise the debt ceiling.
Receipts totaled $2.17 trillion in the eight months throughMay, about 3% lower than projections and $29 billion higher than ayear ago, the Congressional Budget Office said in monthlyprojections on Wednesday. The deficit was $432 billion in theperiod, about $26 billion wider than a year earlier.
“Taxpayers may have shifted more income than projected from 2016to later years, expecting legislation to reduce tax rates to beenacted this year,” CBO said. The receipts may also fell short ofexpectations because of weaker-than-projected income growth lastyear, the agency said.
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