US Budget Surplus Narrows in September

The US budget surplus narrowed to USD 83 billion in September 2019 from USD 119 billion in the corresponding month of the previous year. Federal spending jumped 29.8 percent on the year while receipts rose at a softer 8.9 percent.

Total outlays went up 29.8 percent from a year earlier to USD 291 billion, with social security accounting for USD 88 billion, national defence for USD 55 billion, health for USD 53 billion, medicare for USD 26 billion, income security for USD 25 billion, income security for USD 25 billion, transportation for USD 10 billion, veterans' benefits & services for USD 9 billion, education for USD 8 billion, administration of justice for USD 6 billion and the remaining expenses for USD 10 billion.

Total receipts increased 8.9 percent to USD 374 billion, with individual income taxes accounting for USD 183 billion, social insurance & retirement for USD 104 billion, corporation income taxes for USD 60 billion, excise taxes for USD 12 billion, miscellaneous for USD 7 billion, customs duties for USD 7 billion and estate & gift taxes for USD 1 billion.

When accounting for calendar adjustments, the surplus last month was $17 billion compared with an adjusted surplus of $51 billion the previous year. For the fiscal year, the adjusted deficit was $1 trillion. 

The gap for the full fiscal year 2018/19 was USD 984 billion, compared to a shortfall of USD 779 billion in the previous fiscal year 2017/18. It was the largest budget deficit since 2012, as outlays advanced 8.2 percent to USD 4.4 trillion while receipts increased at a slower 4 percent to USD 3.5 trillion. 

US Budget Surplus Narrows in September

US Treasury | Stefanie Moya |
10/25/2019 6:22:32 PM