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Economy in Brief

U.S. Budget Deficit Expanded In Q2 FY'11
by Tom Moeller   April 12, 2011

The U.S. Government's budget deficit during the second quarter of FY 2011 totaled $460.4B, according to figures released today by the U.S. Treasury and the Office of Management and Budget. That was greatly expanded from last year's $328.9B and its percentage of GDP jumped to 12.4%. For March alone, the deficit nearly tripled y/y to $188.2B, about as expected. Year-to-date the deficit totaled $829.4B.

Receipts grew by 4.7% in Q2 '11, a sharp deceleration from growth in Q1. Leading the slowdown was a decline in corporate tax receipts. Growth in individual tax revenues remained strong at 18.2%. Excise taxes also grew a hearty 22.5% but social insurance receipts fell.

Reported outlays increased a stronger 19.3% y/y led by a 24.5% jump in social insurance tax payments followed by a 16.5% gain in veterans benefits and a 9.4% gain in transportation. Outlays for national defense in Q2 fell 2.5% and spending elsewhere either slowed or declined. The decline in the unemployment rate caused claims for unemployment insurance to fall 3.7%.

Haver's basic data on Federal Government outlay and receipts and summary presentations of the Budget from both OMB and CBO are contained in USECON. Considerable detail is given in the separate GOVFIN database.

US Government Finance Q2 2011 Q1 2011 FY 2010 FY 2009 FY 2008
Budget Balance $-460.4 $-369.0B $-1,294.1B $-1,417.1B $-454.8B
  As a percent of GDP 12.4 9.9 8.9 10.0 3.2
Net Revenues (Y/Y % Change) 4.7 9.0 2.7 -16.6 -1.7
  Individual Income Taxes 18.2 23.2 -1.8 -20.1 -1.5
  Corporate Income Taxes -4.5 5.9 38.5 -54.6 -17.8
  Social Insurance Taxes -6.8 -2.5 -2.9 -1.0 3.5
Net Outlays (Y/Y % Change) 19.3 2.8 -1.8 18.2 9.1
  Nat'l Defense -2.5 6.4 5.0 7.6 11.8
  Health 3.9 10.3 10.4 19.1 5.4
  Medicare 2.8 4.7 5.0 10.1 4.1
  Income Security -3.7 -0.9 16.9 24.9 16.8
  Social Security 24.5 -11.4 3.5 10.7 5.3
  Interest 11.7 8.5 3.3 -24.5 6.3
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