Fed Budget Deficit Lower This Year

Total federal receipts in the first 10 months of the fiscal year totaled $2 trillion, $114 billion more than in the same period a year ago. Some highlights:

• Corporate income taxes rose 30% to $42 billion
• Individual income taxes rose 4% to $37 billion
• Social insurance taxes (Social Security, state unemployment, etc.) rose nearly 45 to $26 billion

Spending through July totaled $3 trillion, $11 billion less than in the same period a year ago. Some highlights:

• Medicaid expenses fell -11%, or $27 billion
• Unemployment benefits fell by -21%, or $22 billion
• Education program spending fell by -14%, or $8 billion
• Social Security payments rose by 6%, or $35 billion
• Medicare payments rose 4%, or $17 billion

The CBO press releases are available here and here.

Paul Ausick