The Federal Government reported a $17.544 billion budget deficit during January compared to a $10.250 billion deficit during January of 2014. For the first four months of Fiscal Year 2015, the deficit of $194.209 billion compares to a $182.840 billion deficit in the first four months of FY 2014. For FY 2015, the Congressional Budget Office projects the budget deficit will total $468 billion compared to $483.4 billion last year, then remain stable at $467 billion in FY 2016.

The increased deficit so far this fiscal year versus FY'14 occurred as outlays rose 8.3% y/y. A 22.7% surge in spending on health programs powered the increase. Medicare spending also rose a quickened 9.9% y/y and Social Security payments gained a stable 4.4%. National defense outlays declined 4.3% y/y but income security payments gained 1.1% y/y. Spending on education, training & social services increased 24.3% y/y while veterans benefits rose 7.1%. Net interest spending rose 2.5% y/y and Social Security spending increased a stable 4.4% y/y.

Net revenues so far in FY 2015 improved 8.7% y/y as corporate income taxes improved 35.0% y/y. Individual income taxes rose 8.2% y/y and social insurance taxes gained an easier 1.4%. Excise taxes increased a stable 2.7% y/y.

Haver's basic data on Federal Government outlays and receipts are contained in USECON. Considerable detail is given in the separate GOVFIN database.

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