Recent Updates

  • Singapore: International Trade Press (Apr)
  • Japan: Monetary Survey (Apr)
  • Korea: Foreign Exchange Transactions, Household Loans (Apr)
  • Pakistan: Foreign Currency Deposits and Utilization (APR)
  • Euro area: Spring Update (2023)
  • more updates...

Economy in Brief

U.S. Federal Government Budget Deficit Shrinks in February
by Tom Moeller  March 10, 2022

• Revenues surge with stronger employment.

• Outlays continue to fall with fewer income security outlays.

• Interest payments multiply.

The U.S. Treasury Department reported a federal budget deficit of $216.6 billion during February 2022 compared to a $310.9 billion deficit in February 2021. Receipts declined 37.7% from January (+16.7% y/y) while outlays rose 46.2% (-9.4% y/y). The Action Economics Forecast Survey had expected a $214 billion February deficit. So far in FY'22, the deficit has totaled $475.6 billion versus $1.047 trillion in the first five months of FY'21.

Overall revenues have increased 25.8% y/y so far in FY'22. Individual income tax receipts increased 38.3% y/y as employment levels continued to rise. Corporate tax payments rose 31.4% with strength in business earnings. Social insurance taxes rose 8.1% y/y and excise taxes rose 30.0% y/y.

Federal government outlays have declined 8.1% year-to-date in FY'22. Income security payments declined 28.8% so far this year because of the absence of economic stimulus checks, which had been issued in 2021. National defense outlays edged 0.2% higher y/y so far in FY'22. Outlays on health programs rose 20.0% y/y in the first five months of FY'22. Social Security outlays increased 5.5% so far this fiscal year and Medicare outlays rose 1.2% y/y so far this fiscal year. Interest payments have gained 21.9% y/y so far in FY'22.

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

United States Government Finance Feb FY'21 FY'20 FY'19 FY'18
Budget Balance (Billion $) -- -$216.6 -$2,772.18 -$3,131.92 -$984.39 -$779.00
Fiscal YTD -- -475.6 -- -- -- --
% of Total (FY 2021)
Net Revenues (Fiscal Year YTD 2022, Y/Y % Change) 100 25.8 18.3 -1.2 4.0 0.4
  Individual Income Taxes 51 38.3 27.1 -6.4 2.0 6.1
  Corporate Income Taxes 9 31.4 75.5 -8.0 12.5 -31.1
  Social Insurance Taxes 32 8.1 0.3 5.4 6.2 0.8
Net Outlays  (Fiscal Year YTD 2022, Y/Y % Change) 100 -8.1 4.1 47.3 8.2 3.2
  National Defense 11 0.2 4.0 5.6 8.8 0.1
  Health 12 20.0 6.4 28.1 6.1 9.8
  Medicare 10 1.2 -10.3 19.2 10.6 -1.4
  Income Security 24 -28.8 30.6 145.0 3.9 -1.6
  Social Security 17 5.5 3.5 4.9 5.7 4.5
  Interest 5 21.9 2.2 -8.2 15.7 23.6
close
large image