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Economy in Brief

U.S. Budget Deficit Remains Roughly Unchanged During FY 2011
by Tom Moeller   October 17, 2011

The U.S. Government's budget deficit for all of FY 2011 was $1,298.6B versus $1,294.2B in FY 2010, according to figures released late-Friday by the U.S. Treasury and the Office of Management and Budget. As a percent of GDP the deficit also held y/y at 8.7%.

For FY'11, net-receipts rose 6.5% versus FY'10. The gain was powered by a 21.5% rise in individual income tax payments due to higher employment and longer hours worked. However, greatly weakened growth in profits produced a 5.4% decline in corporate tax payments. Social insurance taxes fell 5.3% due to this year's tax cut.

Reported outlays increased 4.2% led by a 17.3% rise veterans benefits and a 15.7% jump in interest outlays. Medicare outlays rose an increased and strong 7.5%. Growth in social security outlays was steady with a 3.4% rise. Growth in health spending, however, decelerated to 1.0%. Defense outlays also rose a lessened 2.1%.

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.

The Central Question for Health Policy in Deficit Reduction from the New England Journal of Medicine is available here.

US Government Finance % of Total FY 2011 FY 2010 FY 2009 FY 2008
Budget Balance $-1,298.6 $-1,294.2B $-1,415.7B $-454.8B
  As a percent of GDP 8.7 8.9 10.2 3.2
Net Revenues (Y/Y % Change) 100 6.5 2.7 -16.6 -1.7
  Individual Income Taxes 47 21.5 -1.8 -20.1 -1.5
  Corporate Income Taxes 8 -5.4 38.5 -54.6 -17.8
  Social Insurance Taxes 36 -5.3 -2.9 -1.0 3.5
  Excise Taxes 3 8.2 7.1 -7.2 3.5
  Miscellaneous 4 6.2 86.2 3.7 5.1
Net Outlays (Y/Y % Change) 100 4.2 -1.8 18.2 9.1
  Nat'l Defense 20 2.1 4.6 7.6 11.8
  Health 10 1.0 10.4 19.1 5.4
  Medicare 20 7.5 5.0 10.1 4.1
  Income Security 17 -3.3 16.7 24.9 16.8
  Social Security 20 3.4 3.5 10.7 5.3
  Veterans Benefits 4 17.3 13.6 12.7 16.3
  Interest 6 15.7 2.9 -24.6 6.3
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