U.S. Government Budget Surplus Shrinks Y/Y in April
by:Tom Moeller
|in:Economy in Brief
Summary
- Revenues decline with lower personal tax receipts.
- Outlays surge for Social Security, Defense & Interest.
The U.S. Treasury Department reported a federal budget surplus of $176.2 billion during April compared to a surplus of $308.2 during April FY’22. The Action Economics Forecast Survey expected a $365 billion surplus. For the first seven months of the current fiscal year, the federal government ran a budget deficit of $924.5 billion versus a deficit of $360.0 billion over the same period last year.
Overall revenues have declined 10.0% so far during FY’23 versus FY’22. Individual income tax receipts fell 17.9% y/y. Corporate tax payments increased 2.2% y/y this fiscal year. Social insurance revenues rose 8.9% y/y but excise taxes fell 4.2% y/y so far in FY’23.
Federal government outlays have risen 7.9% y/y so far in FY’23. Social Security outlays increased 10.5% y/y this fiscal year and national defense outlays grew 6.2% y/y. Interest payments surged 42.5% y/y so far in FY’23. To the downside, income security payments fell 16.1% y/y. Medicare outlays weakened 3.9% y/y, while outlays on health programs are down 3.8% y/y so 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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