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Economy in Brief

U.S. Government Budget Deficit Deepens During November
by Tom Moeller  December 10, 2021

• Monthly receipts fall and outlays rise.

• Growth in Federal government receipts strengthen so far in FY'22.

• Defense, Medicare & interest outlays decline this year.

The U.S. Treasury Department reported a federal budget deficit of $191.3 billion during November compared to a $145.3 billion deficit in November 2020. November receipts fell 1.0% while outlays rose 5.2%. Expectations had been for a $193 billion deficit in the Action Economics Forecast Survey. So far in FY'22, the deficit totaled $356.4 billion versus $429.3 billion in the first two months of last fiscal year.

Overall revenues increased 23.6% y/y so far in FY'22. Individual income tax receipts increased 39.3% y/y as employment & earnings continued strong. Corporate tax payments more than doubled as business earnings strengthened. Social insurance taxes rose 7.3% y/y in November and customs duties improved by more than one-quarter y/y.

Federal government outlays increased 3.9% year-to-date in FY'22. Strengthening by 21.8% y/y were health care outlays. Income security payments rose 12.1% y/y while Social Security outlays increased 3.6% y/y. Weakening was defense spending by 1.2% y/y after last year's 4.0% increase. Medicare payments fell 4.1% y/y so far in FY'22 and interest payments fell 2.6% y/y.

Haver's data on Federal Government outlays are contained in USECON; The expectations figure is the AS1REPNA database.

United States Government Finance Nov FY'21 FY'20 FY'19 FY'18
Budget Balance (Billion $) -- -$191.34 -$2,772.18 -$3,131.92 -$984.39 -$779.00
Fiscal YTD -- -356.39 -- -- -- --
% of Total (FY 2021)
Net Revenues (Fiscal Year YTD 2021, Y/Y % Change) 100 23.6 18.3 -1.2 4.0 0.4
  Individual Income Taxes 51 39.3 27.1 -6.4 2.0 6.1
  Corporate Income Taxes 9 158.1 75.5 -8.0 12.5 -31.1
  Social Insurance Taxes 32 7.3 0.3 5.4 6.2 0.8
  Customs Duties 2 28.6 16.7 -3.2 71.4 19.4
Net Outlays  (Fiscal Year YTD 2021, Y/Y % Change) 100 3.9 4.1 47.3 8.2 3.2
  National Defense 11 -1.2 4.0 5.6 8.8 0.1
  Health 12 21.8 6.4 28.1 6.1 9.8
  Medicare 10 -4.1 -10.3 19.2 10.6 -1.4
  Income Security 24 12.1 30.6 145.0 3.9 -1.6
  Social Security 17 3.6 3.5 4.9 5.7 4.5
  Veterans Benefits & Services 3 8.7 7.1 9.3 11.9 1.3
  Education, Training, Employment & Social Services 4 59.3 25.3 75.5 43.7 -34.0
  Interest 5 -2.6 2.2 -8.2 15.7 23.6
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