US Fiscal 2015 Deficit Smallest Since 2007


The United States recorded a budget deficit of $439 billion in fiscal 2015, lower than a $483 billion gap a year earlier as receipts increased 7.6 percent while outlays rose at a slower 5.2 percent. Meanwhile, September surplus was recorded at $91 billion from a $106 billion surplus in 2014 and missing market expectations of $95 billion.

The 2015 deficit fell to 2.5 percent of GDP from 2.8 percent in 2014, reaching the lowest level since 2007 and less than the average of the last 40 years. 

In fiscal 2015, receipts totaled $3,249 billion as individual income taxes accounted for $1,541 billion (from $1,395 billion in 2014 fiscal year), social security and other payroll taxes for $1,065 billion (from $1,023 billion), corporate income taxes for $344 billion (from $321 billion) and other taxes and duties for the remaining $299 billion. Meanwhile, outlays totaled $3,688 as social security accounted for $888 billion (from $851 billion in 2014 fiscal year), defense for $591 billion (from $605 billion), Medicare for $546 billion (from $512 billion) and interest on debt for $223 billion (from $228 billion). Other outlays accounted for the remaining $1,439 billion.

In September 2015, receipts totaled $365 billion, up 4 percent year-on-year, while outlays were up 12 percent to $274 billion.

US Fiscal 2015 Deficit Smallest Since 2007


US Treasury | Joana Ferreira | joana.ferreira@tradingeconomics.com
10/19/2015 9:30:53 AM