Recent Updates

  • Bulgaria: CPI, HICP (Sep)
  • Norway: External Trade (Sep); Finland: BoP, IIP (Aug)
  • Switzerland: PPI (Sep)
  • Turkey: LFS (Jul)
  • Estonia: HICP (Sep), BOP Flash Estimate (Aug); Moldova: National Bank Survey (Sep); Hungary: Construction (Aug); Slovakia: CPI, Average Fuel Prices (Sep); Kyrgyz Republic: Remittances (Aug); Slovenia: Indexes of Construction Put in Place (Aug-Prelim); Poland: CPI (Sep)
  • more updates...

Economy in Brief

U.S. Budget Deficit Falls; Revenues Advance as Outlays Decline
by Tom Moeller  December 11, 2013

The Federal Government ran a $135.2 billion budget deficit during November of FY 2014, down from the $172.1 billion deficit during November of last year. The latest figure compares to the Action Economics Forecast Survey expectation of a $162.5 billion shortfall. In the first two months of this fiscal year, the deficit total of $226.8 billion compares to $292.1 billion last year. 

The improved budget balance this fiscal year reflects a 10.2% y/y rise in total revenues. Corporate income taxes jumped 44.1% y/y while Social Security receipts rose 19.7% y/y. Individual income taxes gained 2.7% y/y but excise taxes fell 5.3% y/y.

On the spending side net outlays fell 4.7% so far this fiscal year versus last, led lower by a 10.0% y/y drop in defense spending. Income security payments dropped 5.0% y/y with the improvement in labor markets and Medicare payments fell 1.8% y/y. Interest payments also were off 16.2% y/y. To the upside this fiscal year, veterans benefits grew 6.9% y/y, Social Security outlays rose 5.2% y/y and outlays on health programs advanced 3.6% y/y.

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 Nov FY'13 FY'12 FY'11 FY'10
Budget Balance -- $-135.2 bil. $-680.3 bil. $-1,089.2 bil. $-1,296.8 bil. $-1,294.2 bil.
  As a percent of GDP -- -- 4.1 6.8 8.4 8.8
% of Total YTD FY'14
Net Revenues (Y/Y % Change) 100 10.2% 13.3% 6.4% 6.5% 2.7%
  Individual Income Taxes 47 2.7 16.3 3.7 21.5 -1.8
  Corporate Income Taxes 10 44.1 12.9 33.8 -5.4 38.5
  Social Insurance Taxes 34 19.7 12.1 3.2 -5.3 -2.9
  Excise Taxes 3 -5.3 6.3 9.2 8.2 7.1
Net Outlays (Y/Y % Change) 100 -4.7 -2.4 -1.7 4.1 -1.8
  National Defense 18 -10.0 -6.3 -3.9 1.7 4.6
  Health 10 3.6 3.1 -7.0 1.0 10.4
  Medicare 14 -1.8 5.5 -2.8 7.5 5.0
  Income Security 16 -5.0 -1.1 -9.1 -4.1 16.7
  Social Security 24 5.2 5.2 5.8 3.4 3.5
  Veterans Benefits 4 6.9 11.5 -2.0 17.3 13.6
  Interest 6 -16.2 0.4 -3.0 15.8 2.9
close
large image