The U.S. Treasury Department reported that for the first six months of FY 2020, the federal government budget deficit rose to $743.59 billion, up 7.6% y/y. During March alone, the federal government ran a $119.13 billion budget deficit compared to a $146.95 billion deficit twelve months earlier. A $150 billion deficit had been expected in the Action Economics Forecast Survey.

So far this fiscal year, federal government receipts rose 6.4% y/y. Personal income tax revenues grew 6.3% y/y. Corporate tax receipts improved by roughly one-quarter y/y so far in FY 2020. Social insurance taxes grew a steady 5.4% y/y this fiscal year. Customs duties, which include tariffs, increased 12.9% y/y so far this fiscal year.

Total federal government outlays have risen 6.8% y/y so far in FY 2020. Outlays on national defense programs grew 7.1%. Medicare outlays growth eased to 6.5% y/y so far this fiscal year, while outlays on health programs grew 5.2% y/y after a 6.1% y/y gain in FY 2019. Spending on Social Security increased a steady 5.3% during the first six months of FY 2020. Spending on income security programs decelerated to 1.4% so far in FY 2020. Interest payments rose a lessened 4.8% y/y.

Haver's data on Federal Government outlays and receipts as well as CBO forecasts are contained in USECON; detailed data can be found in the GOVFIN database. The Action Economics Forecast Survey numbers are in the AS1REPNA database.