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Based on the September Treasury Statement | November 6, 1997 |
The deficit for fiscal year 1997 was $90 billion lower than CBO projected
in March, largely because of higher-than-estimated receipts. It is expected
that the 1998 deficit will be somewhat higher than the 1997 level of $23
billion but remain well below 1 percent of GDP.
SEPTEMBER RESULTS (In billions of dollars) |
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September 1996 |
September 1997 |
Change | ||||
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Receipts | 157.7 | 174.8 | 17.1 | |||
Outlays | 122.4 | 125.5 | 3.1 | |||
Surplus | 35.3 | 49.3 | 14.0 | |||
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Source: Department of the Treasury. | ||||||
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FISCAL YEAR RESULTS (In billions of dollars) |
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1996 | 1997 | Change | ||
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Receipts | 1,452.8 | 1,579.0 | 126.2 | |
Outlays | 1,560.2 | 1,601.6 | 41.4 | |
Deficit | 107.4 | 22.6 | -84.8 | |
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Source: Department of the Treasury. | ||||
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CBO ESTIMATES FOR FY 1997 (In billions of dollars) |
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CBO March |
CBO August |
FY Actual |
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Receipts | 1,510 | 1,578 | 1,579 | |||
Outlays | 1,622 | 1,612 | 1,602 | |||
Deficit | 112 | 34 | 23 | |||
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Source: Congressional Budget Office and Department of the Treasury. | ||||||
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FISCAL YEAR RECEIPTS (In billions of dollars) |
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Major Source | 1996 | 1997 | Percent Change |
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Individual income | 656.4 | 737.4 | 12.3% |
Corporate income | 171.8 | 182.3 | 6.1% |
Social insurance | 509.4 | 539.4 | 5.9% |
Other | 115.1 | 119.8 | 4.1% |
Total | 1,452.8 | 1,579.0 | 8.7% |
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Source: Department of the Treasury | |||
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CBO RECEIPT ESTIMATES (In billions of dollars) |
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CBO March |
CBO August |
FY Actual |
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Individual income | 676 | 735 | 737 | |||
Corporate income | 179 | 185 | 182 | |||
Social insurance | 534 | 539 | 539 | |||
Other | 120 | 119 | 120 | |||
Total | 1,510 | 1,578 | 1,579 | |||
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Source: Congressional Budget Office and Department of the Treasury. | ||||||
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FISCAL YEAR OUTLAYS (In billions of dollars) |
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Major Category | 1996 | 1997 | Percent Change |
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Defense-Military | 253.3 | 258.3 | 2.0% | |
Social Security benefits | 343.3 | 358.3 | 4.4% | |
Medicare and Medicaid | 288.6 | 305.5 | 5.8% | |
Net interest on the public debt | 245.9 | 250.8 | 2.0% | |
Other | 429.2 | 428.7 | -0.1% | |
Total | 1,560.2 | 1,601.6 | 2.7% | |
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Source: Department of the Treasury | ||||
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CBO OUTLAY ESTIMATES (In billions of dollars) |
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CBO March |
CBO August |
FY Actual |
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Defense-Military | 254 | 258 | 258 | |||
Social Security benefits | 359 | 358 | 358 | |||
Medicare and Medicaid | 310 | 307 | 305 | |||
Net interest on the public debt | 253 | 251 | 251 | |||
Other | 446 | 438 | 429 | |||
Total | 1,622 | 1,612 | 1,602 | |||
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Source: Department of the Treasury | ||||||
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BORROWING FROM THE PUBLIC (In billions of dollars) |
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FY 1996 |
FY 1997 |
Change | ||
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Deficit | 107.4 | 22.6 | -84.8 | |
Other borrowing needs: | ||||
Loan financing | 12.0 | 20.6 | 8.6 | |
Operating cash balance | 6.3 | -0.6 | -6.9 | |
Other Items | 3.9 | -4.4 | -8.3 | |
Borrowing from the public | 129.7 | 38.2 | -91.5 | |
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Source: Department of the Treasury | ||||
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CBO ESTIMATES FOR OCTOBER (In billions of dollars) |
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October 1996 |
October 1997 |
Estimated Change |
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Receipts | 99.7 | 114.0 | 14.3 | |||
Outlays | 139.5 | 153.0 | 13.5 | |||
Deficit | 39.8 | 39.0 | -0.8 | |||
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Source: Congressional Budget Office | ||||||
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FY 1998 PROJECTIONS (In billions of dollars) |
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Budget Resolution |
OMB Estimate |
CBO Estimate |
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Receipts | 1,602 | 1,632 | 1,635 | |||
Outlays | 1,692 | 1,690 | 1,691 | |||
Deficit | 90 | 58 | 57 | |||
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Source: Congressional Budget Office | ||||||
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Prepared by James Blum and Rosemary Marcuss |