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Economic Indicators

Federal finance

Federal finance

FEDERAL FINANCE

FEDERAL RECEIPTS, OUTLAYS, AND DEBT

In the first 3 months of fiscal 2003, there was a deficit of $108.7

billion, compared with a deficit of $35.4 billion a year earlier.

[GRAPHIC OMITTED]

[Billions of dollars]

Total

Surplus

of

deficit

Fiscal year or period Receipts Outlays (-)

1986 (r) 769.2 990.4 -221.2

1987 (r) 854.4 1,004.1 -149.7

1988 (r) 909.3 1,064.5 -155.2

1989 (r) 991.2 1,143.6 -152.5

1990 (r) 1,032.0 1,253.2 -221.2

1991 (r) 1,055.0 1,324.4 -269.3

1992 (r) 1,091.3 1,381.7 -290.4

1993 (r) 1,154.4 1,409.5 -255.1

1994 (r) 1,258.6 1,461.9 -203.3

1995 (r) 1,351.8 1,515.8 -164.0

1996 (r) 1,453.1 1,560.5 -107.5

1997 (r) 1,579.3 1,601.3 -22.0

1998 (r) 1,721.8 1,652.6 69.2

1999 (r) 1,827.5 1,701.9 125.6

2000 (r) 2,025.2 1,788.8 236.4

2001 (r) 1,991.2 1,863.9 127.3

2002 (r) 1,853.2 2,011.0 -157.8

2003 (estimates) (r) 1,836.2 2,140.4 -304.2

Cumulative total, first 3

months: (1)

Fiscal year 2002 466.3 501.7 -35.4

Fiscal year 2003 427.4 536.1 -108.7

On-budget

Surplus

of

deficit

Fiscal year or period Receipts Outlays (-)

1986 (r) 569.0 806.9 -237.9

1987 (r) 641.0 810.2 -169.3

1988 (r) 667.8 861.8 -194.0

1989 (r) 727.5 932.7 -205.2

1990 (r) 750.3 1,028.1 -277.8

1991 (r) 761.2 1,082.7 -321.5

1992 (r) 788.9 1,129.3 -340.5

1993 (r) 842.5 1,142.9 -300.4

1994 (r) 923.6 1,182.5 -258.9

1995 (r) 1,000.8 1,227.1 -226.4

1996 (r) 1,085.6 1,259.6 -174.1

1997 (r) 1,187.3 1,290.6 -103.3

1998 (r) 1,306.0 1,336.0 -30.0

1999 (r) 1,383.0 1,381.1 1.9

2000 (r) 1,544.6 1,458.0 86.6

2001 (r) 1,483.7 1,517.1 -33.4

2002 (r) 1,337.9 1,655.3 -317.5

2003 (estimates) (r) 1,304.7 1,772.3 -467.6

Cumulative total, first 3

months: (1)

Fiscal year 2002 356.3 437.3 -81.0

Fiscal year 2003 309.4 471.3 -161.9

Off-budget

Surplus

of

deficit

Fiscal year or period Receipts Outlays (-)

1986 (r) 200.2 183.5 16.7

1987 (r) 213.4 193.8 19.6

1988 (r) 241.5 202.7 38.8

1989 (r) 263.7 210.9 52.8

1990 (r) 281.7 225.1 56.6

1991 (r) 293.9 241.7 52.2

1992 (r) 302.4 252.3 50.1

1993 (r) 311.9 266.6 45.3

1994 (r) 335.0 279.4 55.7

1995 (r) 351.1 288.7 62.4

1996 (r) 367.5 300.9 66.6

1997 (r) 392.0 310.6 81.4

1998 (r) 415.8 316.6 99.2

1999 (r) 444.5 320.8 123.7

2000 (r) 480.6 330.8 149.8

2001 (r) 507.5 346.8 160.7

2002 (r) 515.3 355.7 159.7

2003 (estimates) (r) 531.6 368.1 163.5

Cumulative total, first 3

months: (1)

Fiscal year 2002 110.0 64.3 45.6

Fiscal year 2003 118.0 64.8 53.2

Federal debt (end of

period

Gross Held by

Fiscal year or period Federal the public

1986 (r) 2,120.5 1,740.6

1987 (r) 2,346.0 1,889.8

1988 (r) 2,601.1 2,051.6

1989 (r) 2,867.8 2,190.0

1990 (r) 3,206.3 2,411.6

1991 (r) 3,598.2 2,689.0

1992 (r) 4,001.8 2,999.7

1993 (r) 4,351.0 3,248.4

1994 (r) 4,643.3 3,433.1

1995 (r) 4,920.6 3,604.4

1996 (r) 5,181.5 3,734.1

1997 (r) 5,369.2 3,772.3

1998 (r) 5,478.2 3,721.1

1999 (r) 5,605.5 3,632.4

2000 (r) 5,628.7 3,409.8

2001 (r) 5,769.9 3,319.6

2002 (r) 6,198.4 3,540.4

2003 (estimates) (r) 6,752.0 3,878.4

Cumulative total, first 3

months: (1)

Fiscal year 2002 5,909.4 3,379.5

Fiscal year 2003 6,381.5 3,637.0

(1) Data from current issue Monthly Treasury Statement.

NOTE.–Data (except as noted) are from Budget of the United States

Government, Fiscal Year 2001, issued February 3, 2003.

Sources: Department of the Treasury and Office of Management and

Budget.

FEDERAL RECEIPTS BY SOURCE

OUTLAYS BY FUNCTION

In the first 3 months of fiscal 2003, receipts were $38.9 billion lower

than a year earlier and outlays were $34.4 billion higher.

[GRAPHIC OMITTED]

[Billions of dollars]

On-budget and off-budget

receipts

Cor-

Indivi- pora-

dual tion

income income

Fiscal year or period Total taxes receipts

1986 769.2 349.0 63.1

1987 854.4 392.6 83.9

1988 909.3 401.2 94.5

1989 991.2 445.7 103.3

1990 1,032.0 466.9 93.5

1991 1,055.0 467.8 98.1

1992 1,091.3 476.0 100.3

1993 1,154.4 509.7 117.5

1994 1,258.6 543.1 140.4

1995 1,351.8 590.2 157.0

1996 1,453.1 656.4 171.8

1997 1,579.3 737.5 182.3

1998 1,721.8 828.6 188.7

1999 1,827.5 879.5 184.7

2000 2,025.2 1,004.5 207.3

2001 (r) 1,991.2 994.3 151.1

2002 (r) 1,853.2 858.3 148.0

2003 (estimates) (r) 1,836.2 849.1 143.2

Cumulative total, first 3 months: (1)

Fiscal year 2002 466.3 226.3 55.7

Fiscal year 2003 427.4 197.7 33.0

On-budget and off-budget

receipts

Social

insur-

ance

and

retire-

ment

Fiscal year or period receipts Other

1986 283.9 73.2

1987 303.3 74.6

1988 334.3 79.3

1989 359.4 82.8

1990 380.0 91.5

1991 396.0 93.1

1992 413.7 101.4

1993 428.3 98.9

1994 461.5 113.7

1995 484.5 120.1

1996 509.4 115.4

1997 539.4 120.1

1998 571.8 132.7

1999 611.8 151.5

2000 652.9 160.6

2001 (r) 694.0 151.8

2002 (r) 700.8 146.0

2003 (estimates) (r) 726.6 117.4

Cumulative total, first 3 months: (1)

Fiscal year 2002 152.7 31.6

Fiscal year 2003 162.0 34.7

On-budget and off-budget out-

lays

National

defense

Fiscal year or period Total Total

1986 (r) 990.4 273.4

1987 1,004.1 282.0

1988 1,064.5 290.4

1989 (r) 1,143.6 303.6

1990 1,253.2 299.3

1991 1,324.4 273.3

1992 1,381.7 298.4

1993 1,409.5 291.1

1994 1,461.9 281.6

1995 1,515.8 272.1

1996 (r) 1,560.5 265.8

1997 1,601.3 270.5

1998 1,652.6 268.5

1999 1,701.9 274.9

2000 1,788.8 294.2

2001 (r) 1,863.9 305.5

2002 (r) 2,011.0 348.6

2003 (estimates) (r) 2,140.4 376.0

Cumulative total, first 3 months: (1)

Fiscal year 2002 501.7 84.3

Fiscal year 2003 536.1 98.3

On-budget and off-budget

outlays

National

defense

Depart- Inter-

ment of nation-

Defense, al

Fiscal year or period military affairs Health

1986 265.5 14.2 35.9

1987 274.0 11.6 40.0

1988 281.9 10.5 44.5

1989 294.9 9.6 48.4

1990 289.8 13.8 57.7

1991 262.4 15.9 71.2

1992 286.9 16.1 89.5

1993 278.6 17.2 99.4

1994 268.6 17.1 107.1

1995 259.4 16.4 115.4

1996 253.2 13.5 119.4

1997 258.3 15.2 123.8

1998 256.1 13.1 131.4

1999 261.4 15.2 141.1

2000 281.2 17.2 154.5

2001 (r) 291.0 16.5 172.3

2002 (r) 332.0 22.4 196.5

2003 (estimates) (r) 358.2 20.7 223.1

Cumulative total, first 3 months: (1)

Fiscal year 2002 80.5 7.0 48.8

Fiscal year 2003 93.6 5.5 53.8

On-budget and off-budget

outlays

Medi- Income Social

Fiscal year or period care security security

1986 70.2 120.6 198.8

1987 75.1 124.1 207.4

1988 78.9 130.4 219.3

1989 85.0 137.4 232.5

1990 98.1 148.7 248.6

1991 104.5 172.4 269.0

1992 119.0 199.5 287.6

1993 130.6 209.0 304.6

1994 144.7 217.1 319.6

1995 159.9 223.7 335.8

1996 174.2 229.7 349.7

1997 190.0 (r) 235.0 365.3

1998 192.2 237.7 379.2

1999 190.4 242.4 390.0

2000 197.1 (r) 253.6 409.4

2001 (r) 217.4 269.6 433.0

2002 (r) 230.9 312.5 456.4

2003 (estimates) (r) 244.7 330.1 478.5

Cumulative total, first 3 months: (1)

Fiscal year 2002 56.8 68.7 109.8

Fiscal year 2003 65.0 78.5 115.5

On-budget and off-budget

outlays

Net

inter-

Fiscal year or period est Other

1986 136.0 141.4

1987 (r) 138.6 125.3

1988 151.8 138.7

1989 169.0 158.2

1990 (r) 184.3 202.6

1991 (r) 194.4 223.7

1992 (r) 199.3 172.2

1993 198.7 158.0

1994 (r) 202.9 171.7

1995 (r) 232.1 160.3

1996 241.1 167.3

1997 244.0 157.5

1998 (r) 241.1 188.8

1999 229.8 218.1

2000 223.0 239.5

2001 (r) 206.2 243.5

2002 (r) 171.0 272.8

2003 (estimates) (r) 161.4 305.6

Cumulative total, first 3 months: (1)

Fiscal year 2002 45.8 80.3

Fiscal year 2003 42.8 76.7

(1) Data from current issue Monthly Treasury Statement.

NOTE.–Data (except as noted) are from Budget of the United States

Govermental, Fiscal Year 2001 issued February 3, 2003.

Source: Department of the Treasury and Office of Management Budhet.

FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS

In the fourth quarter of 2002, according to advance esmimates, Federal

current expenditures rose $36.6 billion (annual rate); receipts data

are incomplete.

[GRAPHIC OMITTED]

[Billions of dollars; quarterly data at seasonally adjusted annual

rates]

Federal Government current receipts

Contri-

Cor- Indirect butions

Personal porate business for

tax and profits tax and social

nontax tax ac- nontax insur-

Period Total receipts cruals accruals ance

Calendar year:

1993 1,197.3 509.9 138.5 85.3 463.7

1994 1,293.7 547.8 156.7 95.2 493.9

1995 1,383.7 591.8 179.3 93.0 519.6

1996 1,499.1 670.0 190.6 95.1 543.3

1997 1,625.5 751.9 203.0 93.7 577.0

1998 1,749.7 834.9 204.2 97.4 613.1

1999 1,867.2 903.3 213.0 100.2 650.7

2000 2,033.9 1,009.0 223.8 109.1 692.1

2001 2,008.4 1,010.9 170.2 110.3 716.9

2002 (p) 850.3 110.3 740.3

1999: I 1,823.2 875.0 208.2 97.5 641.8

II 1,847.1 891.2 211.4 98.2 646.3

III 1,876.3 911.2 211.7 100.8 652.6

IV 1,922.4 935.8 219.9 104.4 662.2

2000: I 2,009.6 984.5 233.7 107.0 684.5

II 2,022.9 997.2 230.5 109.5 685.7

III 2,049.1 1,020.5 222.1 109.8 696.6

IV 2,054.1 1,033.6 208.9 110.1 701.5

2001: I 2,072.9 1,057.9 186.9 112.3 715.8

II 2,072.3 1,059.8 183.2 112.2 717.1

III 1,896.0 900.4 168.0 109.5 718.1

IV 1,992.3 1,025.5 142.9 107.3 716.6

2001: I 1,884.7 874.8 170.5 108.4 731.1

II 1,883.7 856.6 180.2 110.2 736.7

III 1,874.0 837.5 181.1 112.4 743.0

IV (p) 832.5 110.1 750.3

Federal Government current expenditures

Grants-

in-aid

Con- to State

sump- Trans- and

tion fer local Net

expendi- pay- govern- interest

Period Total tures ments ments paid

Calendar year:

1993 1,471.5 442.6 597.9 162.6 230.2

1994 1,506.0 439.7 618.6 174.5 239.6

1995 1,575.7 439.2 652.1 184.5 267.5

1996 1,635.9 445.3 691.6 190.4 273.6

1997 1,678.8 456.9 717.5 196.8 276.2

1998 1,705.9 453.1 730.6 210.3 278.5

1999 1,755.3 471.6 745.8 231.0 263.8

2000 1,827.1 493.3 779.5 247.5 263.0

2001 1,936.4 528.4 842.2 277.4 238.1

2002 (p) 2,073.9 586.3 930.7 305.7 208.2

1999: I 1,734.5 465.5 739.1 224.9 265.3

II 1,734.2 461.6 743.2 222.2 264.2

III 1,758.9 473.4 743.9 234.9 262.1

IV 1,793.6 486.0 756.9 242.0 263.7

2000: I 1,786.4 480.0 758.5 239.4 264.2

II 1,825.7 501.3 774.6 242.2 264.1

III 1,835.9 494.2 781.3 253.8 263.0

IV 1,860.3 497.7 803.5 254.6 260.5

2001: I 1,899.1 517.3 816.3 266.8 254.1

II 1,927.8 524.9 832.2 281.9 243.1

III 1,947.7 527.9 849.3 271.4 233.6

IV 1,971.0 543.6 870.9 289.4 221.6

2001: I 2,030.5 566.3 916.9 292.3 208.5

II 2,079.3 581.0 927.6 309.6 214.9

III 2,074.6 589.8 934.1 305.0 205.8

IV (p) 2,111.2 608.0 944.4 315.8 203.8

Federal Government

current expenditures

Current

Subi- surplus

dies less or

current Less: deficit

surplus Wage (-),

of accru- national

Govern- als less income

ment dis- and

enter- burse- product

Period prise ments accounts

Calendar year:

1993 38.2 0.0 -274.1

1994 33.6 .0 -212.3

1995 32.4 .0 -192.0

1996 35.1 .0 -136.8

1997 31.5 .0 -53.3

1998 33.4 .0 43.8

1999 43.0 .0 111.9

2000 43.8 .0 206.9

2001 50.3 .0 72.0

2002 (p) 43.0 .0

1999: I 39.6 .0 88.7

II 42.8 .0 112.9

III 44.6 .0 117.4

IV 44.9 .0 128.8

2000: I 44.2 .0 223.2

II 43.5 .0 197.2

III 43.6 .0 213.2

IV 44.0 .0 193.8

2001: I 44.6 .0 173.8

II 45.6 .0 144.4

III 65.5 .0 -51.7

IV 45.5 .0 21.3

2001: I 46.6 .0 -145.8

II 46.3 .0 -195.6

III 39.9 .0 -200.7

IV (p) 39.0 .0

Source: Department of Commerce, Bureau of Economic Analysis.

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