Federal finance
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 2 months of fiscal 2004, there was a deficit of $112.5 billion, compared with a deficit of $112.9 billion a year earlier.
[GRAPHIC OMITTED] [Billions of dollars]
Total
Surplus
or
Fiscal year or period Receipts Outlays deficit
(-)
1987 851.4 1,004.1 -149.7
1988 909.3 1,064.5 -155.2
1989 991.2 1,143.6 -152.5
1990 1,032.0 1,253.2 -221.2
1991 1,055.0 1,324.4 -269.3
1992 1,091.3 1,381.7 -290.4
1993 1,154.4 1,409.5 -255.1
1994 1,258.6 1,461.9 -203.3
1995 1,351.8 1,515.8 -164.0
1996 1,453.1 1,560.5 -107.5
1997 1,579.3 1,601.3 -22.0
1998 1,721.8 1,652.6 69.2
1999 1,827.5 1,701.9 125.6
2000 2,025.2 1,788.8 236.4
2001 1,991.2 1,863.9 127.3
2002 1,853.2 2,011.0 -157.8
2003 (1) 1,782.3 2,156.5 -374.2
2004 (estimates) 1,797.4 2,272.4 -475.0
Cumulative total, first 2
months: (2)
Fiscal year 2003 244.6 357.5 -112.9
Fiscal year 2004 254.0 366.5 -113.5
On-budget
Surplus
or
Fiscal year or period Receipts Outlays deficit
(-)
1987 641.0 810.2 -169.3
1988 667.8 861.8 -194.0
1989 717.5 932.7 -205.2
1990 750.3 1,028.1 -277.8
1991 761.2 1,082.7 -321.5
1992 788.9 1,129.3 -340.5
1993 842.5 1,142.9 -300.4
1994 923.6 1,182.5 -258.9
1995 1,000.8 1,227.1 -226.4
1996 1,085.6 1,259.6 -174.1
1997 1,187.3 1,290.6 -103.3
1998 1,306.0 1,336.0 -30.0
1999 1,383.0 1,381.1 1.9
2000 1,544.0 1,458.0 86.6
2001 1,517.1 1,517.1 -33.4
2002 1,655.3 1,655.3 -317.5
2003 (1) 1,793.5 1,793.5 -535.1
2004 (estimates) 1,890.2 1,890.2 -639.0
Cumulative total, first 2
months: (2)
Fiscal year 2003 288.3 288.3 -119.6
Fiscal year 2004 294.6 294.6 -118.6
Off-budget
Surplus
or
Fiscal year or period Receipts Outlays deficit
(-)
1987 213.4 193.8 19.6
1988 241.5 202.7 38.8
1989 263.7 210.9 52.8
1990 281.7 225.1 56.6
1991 293.9 241.7 52.2
1992 302.4 252.3 50.1
1993 311.9 266.6 45.3
1994 335.0 279.4 55.7
1995 351.1 288.7 62.4
1996 367.5 300.9 66.6
1997 392.0 310.6 81.4
1998 415.8 316.6 99.2
1999 444.5 320.8 123.7
2000 480.6 330.8 149.8
2001 507.5 346.8 160.7
2002 515.3 355.7 159.7
2003 (1) 523.8 363.0 160.8
2004 (estimates) 546.3 382.3 164.0
Cumulative total, first 2
months: (2)
Fiscal year 2003 75.9 69.2 6.6
Fiscal year 2004 78.0 71.9 6.0
Federal debt (end of
period)
Gross Held by
Fiscal year or period Federal the public
1987 2,346.0 1,889.8
1988 2,601.1 2,051.6
1989 2,867.8 2,190.7
1990 3,206.3 2,411.6
1991 3,598.2 2,689.0
1992 4,001.8 2,999.7
1993 4,351.0 3,248.4
1994 4,643.3 3,433.1
1995 4,920.6 3,604.4
1996 5,181.5 3,734.1
1997 5,369.2 3,772.3
1998 5,478.2 3,721.1
1999 5,605.5 3,632.4
2000 5,628.7 3,409.8
2001 5,769.9 3,319.6
2002 6,198.4 3,540.4
2003 (1) 6,759.8 (r) 3,914.6
2004 (estimates) 7,586.3 4,473.5
Cumulative total, first 2
months: (2)
Fiscal year 2003 6,316.2 3,636.8
Fiscal year 2004 6,900.9 4,022.4
(1) Data from Final Monthly Treasury Statement, October 2003,
issued October 20, 2003.
(2) Data from current issue Monthly Treasury Statement.
NOTE.–Data for fiscal 2002 and 2004 are from Mid-Session Review
of the FY 2004 Budget issued July 15, 2003. Other data (except as
noted) are from Budget of the United States Government, Fiscal Year
2004, issued February 3, 2003.
Sources: Department of the Treasury and Office of Management and
Budget.
FEDERAL RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION
In the first 2 months of fiscal 2004, receipts were $9.4 billion higher than a year earlier and outlays were $9.0 billion higher.
[GRAPHIC OMITTED] [Billions of dollars]
On-budget and off-budget receipts
Social
Cor- insu-
Indivi- pora- rance
Fiscal year Total dual tion and Other
or period income income retire-
taxes taxes ment
receipts
1987 854.4 392.6 83.9 303.3 74.6
1988 909.3 401.2 94.5 334.3 79.3
1989 991.2 445.7 103.3 359.4 82.8
1990 1,032.0 466.9 93.5 380.0 91.5
1991 1,055.0 467.8 98.1 396.0 93.1
1992 1,091.3 476.0 100.3 413.7 101.4
1993 1,154.4 509.7 117.5 428.3 98.9
1994 1,258.6 543.1 140.4 461.5 113.7
1995 1,351.8 590.2 157.0 484.5 120.1
1996 1,453.1 656.4 171.8 509.4 115.4
1997 1,579.3 737.5 182.3 539.4 120.2
1998 1,721.8 828.6 188.7 571.8 132.7
1999 1,827.5 879.5 184.7 611.8 151.5
2000 2,025.2 1,004.5 207.3 652.9 160.6
2001 1,991.2 994.3 151.1 694.0 151.8
2002 1,853.2 858.3 148.0 700.8 146.0
2003 (1) 1,782.3 793.7 131.8 713.0 143.9
2004 (estimates) 1,797.4 786.7 144.1 748.6 118.1
Cumulative total,
first 2
months: (3)
Fiscal year 2003 244.6 122.7 -6.6 105.4 23.1
Fiscal year 2004 254.0 117.3 3.9 108.2 24.6
On-budget and off-budget outlays
National defense
Depart- Inter-
Fiscal year ment of natio-
or period Total Total Defense, nal Health
military affairs
1987 1,004.1 282.0 274.0 11.6 40.0
1988 1,064.5 290.4 281.9 10.5 44.5
1989 1,143.6 303.6 294.9 9.6 48.4
1990 1,253.2 299.3 289.8 13.8 57.7
1991 1,324.4 273.3 262.4 15.9 71.2
1992 1,381.7 298.4 286.9 16.1 89.5
1993 1,409.5 291.1 278.6 17.2 99.4
1994 1,461.9 281.6 268.6 17.1 107.1
1995 1,515.8 272.1 259.4 16.4 115.4
1996 1,560.5 265.8 253.2 13.5 119.4
1997 1,601.3 270.5 258.3 15.2 123.8
1998 1,652.6 268.5 256.1 13.1 131.4
1999 1,701.9 274.9 261.4 15.2 141.1
2000 1,788.8 294.5 281.2 17.2 154.5
2001 1,863.9 305.5 291.0 16.5 172.3
2002 2,011.0 348.6 332.0 22.5 196.5
2003 (1) 2,156.5 404.2 (2) 388.9 20.6 219.2
2004 (estimates) 2,272.4 411.0 (2) 390.3 28.2 248.9
Cumulative total,
first 2
months: (3)
Fiscal year 2003 357.5 63.3 60.0 4.2 36.4
Fiscal year 2004 366.5 70.0 67.0 4.2 38.3
On-budget and off-budget outlays
Fiscal year Medi- Income Social Net
or period care security security interest Other
1987 75.1 124.1 207.4 138.6 125.3
1988 78.9 130.4 219.3 151.8 138.7
1989 85.0 137.4 232.5 169.0 158.2
1990 98.1 148.7 248.6 184.4 202.6
1991 104.5 172.4 269.0 194.4 223.7
1992 119.0 199.5 287.6 199.3 172.2
1993 130.6 209.9 304.6 198.7 158.0
1994 144.7 217.1 319.6 202.9 171.7
1995 159.9 223.7 335.8 232.1 160.3
1996 174.2 229.7 349.7 241.1 167.3
1997 190.0 235.0 365.3 244.0 157.5
1998 192.8 237.7 379.2 241.1 188.8
1999 190.4 242.4 390.0 229.8 218.1
2000 197.1 253.6 409.4 223.0 239.5
2001 217.4 269.6 433.0 206.2 243.5
2002 230.9 312.5 456.4 171.0 272.8
2003 (1) 249.4 336.1 474.7 153.0 299.3
2004 (estimates) 263.2 336.8 495.9 164.5 323.9
Cumulative total,
first 2
months: (3)
Fiscal year 2003 43.9 53.3 76.9 28.8 50.7
Fiscal year 2002 40.8 49.8 79.5 28.0 55.9
(1) Data from Final Monthly Treasury Statement, October 2003,
issued October 20, 2003.
(2) For fiscal 2003 and 2004, outlays for Department of Defense,
Military include a small amount classified as international affairs
and not included in national defense.
(3) Data from current issue Monthly Treasury Statement.
NOTE.–Data for fiscal 2002 and 2004 are from Mid-Session Review of
the FY 2004 Budget issued July 15, 2003. Other data (except as noted)
are from Budget of the United States Government, Fiscal Year 2004,
issued February 3, 2003.
Sources: Department of the Treasury and Office of Management and
Budget.
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the third quarter of 2003, according to advance estimates, Federal current expenditures fell $79.6 billion (annual rate), while Federal current expenditures fell $4.8 billion. (Series reflects benchmark revision.)
[GRAPHIC OMITTED] [Billions of dollars; quarterly data at seasonally adjusted
annual rates]
Federal Government current receipts
Current tax receipts
Per- Taxes Taxes
sonal on on
Total cur- produc- corpo-
Period Total (1) rent tion and rate
taxes imports income
Calendar year:
1993 (r) 1,222.5 713.4 505.5 66.7 138.5
1994 (r) 1,320.8 781.9 542.7 79.4 156.7
1995 (r) 1,406.5 845.1 586.0 75.9 179.3
1996 (r) 1,524.0 932.4 663.4 73.2 190.6
1997 (r) 1,653.1 1,030.6 744.3 78.2 203.0
1998 (r) 1,773.8 1,116.8 825.8 81.1 204.2
1999 (r) 1,891.2 1,195.7 893.0 83.9 213.0
2000 (r) 2,053.8 1,313.6 999.1 87.8 219.4
2001 (r) 2,017.8 1,254.9 1,000.0 86.0 161.8
2002 (r) 1,860.7 1,080.7 831.1 87.6 154.8
2000: I (r) 2,035.7 1,301.9 975.4 86.7 233.0
II (r) 2,044.9 1,309.4 987.4 88.9 225.5
III (r) 2,066.8 1,322.6 1,011.7 88.1 215.6
IV (r) 2,068.0 1,320.4 1,021.7 87.5 203.7
2001: I (r) 2,088.5 1,324.4 1,051.2 87.9 178.1
II (r) 2,082.9 1,319.9 1,050.2 86.8 176.5
III (r) 1,901.8 1,138.9 887.0 84.4 160.2
IV (r) 1,998.2 1,236.5 1,011.5 84.9 132.4
2002: I (r) 1,857.7 1,085.2 849.0 85.4 143.4
II (r) 1,865.4 1,088.8 836.6 88.1 156.4
III (r) 1,859.9 1,076.1 823.6 87.9 157.5
IV (r) 1,859.7 1,072.7 815.4 89.0 161.7
2003: I (r) 1,863.5 1,060.3 794.3 88.3 171.0
II (r) 1,863.9 1,057.1 794.6 87.7 167.9
III (r) 1,784.3 972.1 696.3 86.3 182.8
Federal Government current receipts
Contri-
butions Current
for Income surplus
Period govern- receipts Current of go-
ment on transfer vernment
social assets receipts enter-
insurance prices
Calendar year:
1993 (r) 463.6 26.2 21.1 -1.8
1994 (r) 493.7 23.4 22.3 -.4
1995 (r) 519.2 23.7 19.1 -.6
1996 (r) 542.8 26.9 23.1 -1.2
1997 (r) 576.4 25.9 19.9 .3
1998 (r) 613.8 21.5 21.5 .1
1999 (r) 651.6 21.5 22.7 -.3
2000 (r) 691.7 25.2 25.7 -2.3
2001 (r) 715.4 24.4 27.4 -4.1
2002 (r) 736.7 20.6 25.8 -3.1
2000: I (r) 685.3 24.5 24.8 -.8
II (r) 685.6 25.5 25.3 -.9
III (r) 696.5 25.0 25.8 -3.1
IV (r) 699.4 25.9 26.7 -4.5
2001: I (r) 713.7 26.1 27.4 -3.1
II (r) 714.5 25.0 27.5 -4.1
III (r) 715.7 24.0 27.5 -4.3
IV (r) 717.5 22.3 27.1 -5.1
2002: I (r) 730.3 20.2 26.1 -4.0
II (r) 736.1 19.7 25.8 -5.2
III (r) 738.6 20.5 25.7 -1.0
IV (r) 741.9 22.0 25.4 -2.3
2003: I (r) 755.1 22.5 26.0 -.4
II (r) 758.8 23.6 26.3 -1.6
III (r) 763.1 24.9 26.9 -2.5
Federal Government current expenditures
Con- Cur-
sump- rent Inte- Net
Total tion trans- rest Sub- Federal
Period (2) expen- fer pay- si- Govern-
di- pay- ments dies ment
tures ments saving
Calendar year:
1993 (r) 1,496.0 441.9 764.7 253.4 36.0 -273.5
1994 (r) 1,533.1 440.8 799.2 261.3 31.8 -212.3
1995 (r) 1,603.5 440.5 839.0 290.4 33.7 -197.0
1996 (r) 1,665.8 446.3 888.3 297.3 34.0 -141.8
1997 (r) 1,708.9 457.7 918.8 300.0 32.4 -55.8
1998 (r) 1,734.9 454.6 946.5 298.8 35.0 38.8
1999 (r) 1,787.6 475.1 986.1 282.7 43.8 103.6
2000 (r) 1,864.4 499.3 1,038.1 283.3 43.8 189.5
2001 (r) 1,967.3 531.7 1,130.5 257.5 47.6 50.5
2002 (r) 2,100.7 590.8 1,243.4 229.3 37.2 -240.0
2000: I (r) 1,823.0 485.7 1,008.2 285.1 43.9 212.7
II (r) 1,863.5 505.1 1,028.8 285.7 43.8 181.4
III (r) 1,875.5 501.5 1,047.8 282.5 43.7 191.2
IV (r) 1,895.5 505.0 1,067.4 279.6 43.5 172.5
2001: I (r) 1,932.4 520.0 1,094.2 273.7 44.5 156.1
II (r) 1,953.9 527.0 1,120.6 262.4 43.9 128.9
III (r) 1,981.9 531.1 1,135.8 252.7 62.3 -80.1
IV (r) 2,001.1 548.6 1,171.3 241.4 39.8 -2.8
2002: I (r) 2,046.5 569.4 1,211.9 227.1 38.2 -188.8
II (r) 2,097.4 582.6 1,241.6 235.9 37.2 -232.0
III (r) 2,102.8 590.4 1,249.2 226.7 36.5 -242.9
IV (r) 2,156.1 620.7 1,270.8 227.6 37.0 -296.3
2003: I (r) 2,184.0 635.9 1,287.3 217.7 44.5 -320.4
II (r) 2,288.5 668.9 1,339.5 222.5 56.3 -424.7
III (r) 2,283.7 672.3 1,348.9 215.6 47.0 -499.4
(1) Includes taxes from the rest of the world, not shown separately.
(2) Includes a substraction for wage accruals less disbursements,
not shown separately.
Note.–See Note, p. 1.
Source: Department of Commerce, Bureau of Economic Analysis.
COPYRIGHT 2003 Superintendent Of Documents
COPYRIGHT 2004 Gale Group
