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Economy in Brief

U.S. Budget Deficit Shrinks Sharply
by Tom Moeller  January 11, 2013

The Federal Government budget deficit narrowed sharply to $0.26B during December of FY13 versus a deficit of $86.0B last December. Expectations were for a deficit of $21.0B. So far this fiscal year the deficit has totaled $292.4B, down from $321.7B during the first three months of FY'12.

Net revenues rose a strong 10.8% this fiscal year powered by a 15.5% gain in individual income taxes and a 12.4% rise in corporate income tax payments. Social insurance payments rose a diminished 0.7% but excise taxes grew 12.8%.

The 3.5% y/y increase in outlays was held back by a 3.6% decline in defense expenditures. Medicare payments rose by 22.9% and veterans benefits grew 23.9%. Social security benefits rose 6.4% this fiscal year while income security outlays grew a modest 3.5% with the improved economy. The gain in health outlays also was a modest 3.8%.

Haver's basic data on Federal Government outlays 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 Dec FY'12 FY'11 FY'10 FY'09
Budget Balance -- $-0.260B $-1,089B $-1,298.7B $-1,294.2B $-1,415.7B
  As a percent of GDP -- -- 7.0 8.6 8.0 9.5
% of Total YTD FY'13
Net Revenues (Y/Y % Change) 100 10.8% 6.4% 6.5% 2.7% -16.6%
  Individual Income Taxes 47 15.5 3.7 21.5 -1.8 -20.1
  Corporate Income Taxes 8 12.4 33.8 -5.4 38.5 -54.6
  Social Insurance Taxes 36 0.7 3.2 -5.3 -2.9 -1.0
  Excise Taxes 3 12.8 9.2 8.2 7.1 -7.2
Net Outlays (Y/Y % Change) 100 3.5 -1.7 4.1 -1.8 18.2
  Nat'l Defense 20 -3.6 -3.6 1.7 4.6 7.6
  Health 10 3.8 -7.0 1.0 10.4 19.1
  Medicare 20 22.9 -2.8 7.5 5.0 10.1
  Income Security 17 3.5 -9.2 -4.1 16.7 24.9
  Social Security 20 6.4 5.8 3.4 3.5 10.7
  Veterans Benefits 4 23.9 -2.0 17.3 13.6 12.7
  Interest 6 6.9 -2.1 15.8 2.9 -24.6
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