Federal Government Expected To Post Deficit of Roughly $1 Trillion This Year

The Financial Management Service ("FMS") of the Department of the Treasury released their "Monthly Treasury Statement of Receipts and Outlays of the United States Government" report earlier this week.

According to the FMS, the US government posted a deficit of $119,995,000,000 (approximately $120 billion) in the first month (October) of FY2013.

This deficit was based on outlays of roughly $304.3 billion and receipts of roughly $184.3 billion.

The deficit reported in October 2012 was approximately $21.5 billion higher than October 2011, when the country posted a deficit of $98.5 billion on outlays of $261.5 billion and receipts of $163.1 billion.

Let's look at each individual month of FY2012:

October 2011 - $98.5 billion deficit
November 2011 - $137.3 billion deficit
December 2011 - $86.0 billion deficit
January 2012 - $27.4 billion deficit
February 2012 - $231.7 billion deficit
March 2012 - $198.2 billion deficit
April 2012 - $59.1 billion surplus
May 2012 - $124.6 billion deficit
June 2012 - $59.7 billion deficit
July 2012 - $69.6 billion deficit
August 2012 - $190.53 billion deficit
September 2012 - $75.2 billion deficit

So far, FY 2013 looks like this:

October 2012 - $120.0 billion

The final deficit figure for FY 2012 came in at approximately $1.09 trillion.

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A look at some other numbers from October 2012:

Total Receipts: $184,316,000,000

On Budget Receipts: $144,166,000,000
Off Budget Receipts: $40,150,000,000

Total Outlays: $304,311,000,000

On Budget Outlays: $255,939,000,000
Off Budget Outlays: $48,372,000,000

Means of Financing:

$142,335,000,000 Borrowing From Public
-$14,520,000,000 Reduction of Operating Cash, Increase
-$7,820,000,000 By Other Means

Largest Budget Receipt:

Individual Income Taxes - $102.03 billion

Largest Budget Outlay:

Department of Health and Human Services - $76.3 billion

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The US government is currently expecting to post a total deficit of roughly $990.6 billion for the current fiscal year.

Source: FMS.Treasury.Gov - Monthly Treasury Statement (*.pdf)

Filed under: General Knowledge