Global| Jan 11 2013U.S. Budget Deficit Shrinks Sharply
by:Tom Moeller
|in:Economy in Brief
Summary
The Federal Government budget deficit narrowed sharply to $0.26B during December of FY13 versus a deficit of $86.0B last December. Expectations were for a deficit of $21.0B. So far this fiscal year the deficit has totaled $292.4B, [...]
The Federal Government budget deficit narrowed sharply to $0.26B during
December of FY13 versus a deficit of $86.0B last December. Expectations
were for a deficit of $21.0B. So far this fiscal year the deficit has
totaled $292.4B, down from $321.7B during the first three months of FY'12.
Net revenues rose a strong 10.8% this fiscal year powered by a 15.5% gain in individual income taxes and a 12.4% rise in corporate income tax payments. Social insurance payments rose a diminished 0.7% but excise taxes grew 12.8%.
The 3.5% y/y increase in outlays was held back by a 3.6% decline in defense expenditures. Medicare payments rose by 22.9% and veterans benefits grew 23.9%. Social security benefits rose 6.4% this fiscal year while income security outlays grew a modest 3.5% with the improved economy. The gain in health outlays also was a modest 3.8%.
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 | Dec | FY'12 | FY'11 | FY'10 | FY'09 | |
|---|---|---|---|---|---|---|
| Budget Balance | -- | $-0.260B | $-1,089B | $-1,298.7B | $-1,294.2B | $-1,415.7B |
| As a percent of GDP | -- | -- | 7.0 | 8.6 | 8.0 | 9.5 |
| % of Total | YTD FY'13 | |||||
| Net Revenues (Y/Y % Change) | 100 | 10.8% | 6.4% | 6.5% | 2.7% | -16.6% |
| Individual Income Taxes | 47 | 15.5 | 3.7 | 21.5 | -1.8 | -20.1 |
| Corporate Income Taxes | 8 | 12.4 | 33.8 | -5.4 | 38.5 | -54.6 |
| Social Insurance Taxes | 36 | 0.7 | 3.2 | -5.3 | -2.9 | -1.0 |
| Excise Taxes | 3 | 12.8 | 9.2 | 8.2 | 7.1 | -7.2 |
| Net Outlays (Y/Y % Change) | 100 | 3.5 | -1.7 | 4.1 | -1.8 | 18.2 |
| Nat'l Defense | 20 | -3.6 | -3.6 | 1.7 | 4.6 | 7.6 |
| Health | 10 | 3.8 | -7.0 | 1.0 | 10.4 | 19.1 |
| Medicare | 20 | 22.9 | -2.8 | 7.5 | 5.0 | 10.1 |
| Income Security | 17 | 3.5 | -9.2 | -4.1 | 16.7 | 24.9 |
| Social Security | 20 | 6.4 | 5.8 | 3.4 | 3.5 | 10.7 |
| Veterans Benefits | 4 | 23.9 | -2.0 | 17.3 | 13.6 | 12.7 |
| Interest | 6 | 6.9 | -2.1 | 15.8 | 2.9 | -24.6 |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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