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Economy in Brief

Higher Tax Receipts Lowered U.S. Budget Deficit
by Tom Moeller May 12, 2005

April tax revenues surged and reduced the U.S. federal government's budget deficit during the first seven months of FY 2005 by 16.5% versus the first the seven months of FY 2004.

Net receipts for the first seven months of FY05 jumped 13.7% y/y. Individual tax receipts surged 16.1% versus FY04 as April personal taxes rose 43.3% against April of last year. Corporate tax receipts continued up strongly. Reflecting the improved job market, employment taxes grew 6.0% versus 1.3% growth last year.

Growth in federal outlays remained about stable at 7.3% versus the first seven months of 2005. Growth in Medicare outlays was strong at 9.1% and social security outlays grew 5.5%. Veterans benefits grew 15.2% and defense spending slowed to 7.0% growth. Interest expense grew 11.1% with higher rates.

US Government Finance April March FY '05 - YTD FY2004 FY2003 FY2002
Budget Balance $57.7B $-71.2B $-236.9B $-412.1B $-377.6B $-157.8B
  Net Revenues $277.6B $148.7B 13.7% 5.5% -3.8% -6.9%
  Net Outlays $219.9B $210.0B 7.3% 6.1% 7.4% 7.9%
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