U.S. Government Budget Deficit Deepens Y/Y in December
by:Tom Moeller
|in:Economy in Brief
Summary
- Revenues decline sharply.
- Outlays increase.
The U.S. Treasury Department reported a federal budget deficit of $85.0 billion during December following a deficit of $21.3 during December FY’22. For the first three months of the current fiscal year, the government ran a budget deficit of $421.4 billion versus a deficit of $377.7 billion over the same period last year. The Action Economics Forecast Survey expected a $20.0 billion deficit for December.
Overall revenues declined 2.5% so far during FY’23 versus FY’22. Individual income tax receipts fell 5.8% y/y. Corporate tax payments increased 6.8% y/y this fiscal year. Social insurance revenues rose 6.2% y/y and excise taxes grew 2.2% y/y so far in FY’23.
Federal government outlays increased 1.2% y/y so far in FY’23. Income security payments fell 23.2% y/y after the level halved in FY'22 with the absence of economic stimulus checks. National defense outlays grew 3.9% y/y so far in FY’23. Outlays on health programs declined 2.3% y/y. Social Security outlays increased 8.7% y/y so far in FY’23. Medicare outlays fell 10.8% y/y. Interest payments rose 41.8% y/y do far in FY’23.
Haver's data on Federal Government receipts & outlays are contained in USECON. The expectations figure is in the AS1REPNA database.
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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