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Economy in Brief

U.S. Budget Deficit Eases With Less Spending
by Tom Moeller  December 10, 2014

The Federal Government reported a $56.8 billion budget deficit during November compared to a $135.2 billion during November of last year. For the first two months of Fiscal Year 2015, the deficit of $178.5 billion compares to $-225.8 billion in the first two months of last year. For FY 2015, the Congressional Budget Office projects the budget deficit will total $469 billion compared to $483.4 billion last year, then rise to $556 billion in FY 2016

The decline in deficit so far this fiscal year occurred as outlays fell 4.0% y/y. Spending on income security dropped 17.7% y/y in the first two months of FY'15 with the improved economy and veterans benefits dropped 15.1% y/y. Medicare payments were off 8.4% y/y and national defense outlays fell 7.2% y/y. To the upside was spending on health care programs by 17.6% y/y and spending on education, training & social services by 15.6% y/y. Net interest spending rose 5.8% y/y and social security spending increased 4.3% y/y.

Net revenues so far in FY 2015 increased 6.0% y/y. Corporate income taxes surged by more than three-quarters y/y. Individual income taxes rose 5.9% y/y and social insurance taxes gained 3.9%. Excise taxes increased 3.1% y/y.

Haver's basic data on Federal Government outlays and receipts are contained in USECON. Considerable detail is given in the separate GOVFIN database.

 US Government Finance Nov FY'14 FY'13 FY'12 FY'11
Budget Balance -- $-56.8 bil. $-483.4 bil. $-680.3 bil. $-1,089.2 bil. $-1,296.8 bil.
  As a percent of GDP -- 2.8 4.1 6.8 8.4
% of Total FY'15 YTD
Net Revenues (Y/Y % Change) 100 6.0% 8.9% 13.3% 6.4% 6.5%
  Individual Income Taxes 47 5.9 5.9 16.3 3.7 21.5
  Corporate Income Taxes 10 83.7 17.3 12.9 33.8 -5.4
  Social Insurance Taxes 34 2.9 8.0 12.1 3.2 -5.3
  Excise Taxes 3 3.1 11.1 6.3 9.2 8.2
Net Outlays (Y/Y % Change) 100 -4.0 1.4 -2.4 -1.7 4.1
  National Defense 18 -7.2 -4.7 -6.3 -3.9 1.7
  Health 10 17.6 14.2 3.1 -7.0 1.0
  Medicare 14 -8.4 2.8 5.5 -2.8 7.5
  Income Security 16 -17.7 -4.3 -1.1 -9.1 -4.1
  Social Security 24 4.3 4.6 5.2 5.8 3.4
  Veterans Benefits 4 -15.1 7.7 11.5 -2.0 17.3
  Education, Training, Employment & Social Services 3 15.6 25.9 -21.9 -10.3 -20.6
  Interest 6 5.8 3.0 0.4 -3.0 15.8
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