Updated: 23-Oct-23 15:48 ET
| September Treasury Budget |
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| Updated: 23-Oct-23 15:48 ET |
Highlights
- The Septmber Treasury Budget showed a deficit of $171.0 billion compared to a deficit of $429.8 bln in the same period a year ago.
- The deficit in September resulted from outlays ($638.5 billion) exceeding receipts ($467.5 billion).
- The Treasury Budget data is not seasonally adjusted so the September 2023 deficit cannot be compared to the August 2023 surplus of $89.3 billion.
Key Factors
- Receipts from Individual Income Taxes were $221 billion. Social Insurance & Retirement receipts totaled $131 billion. Corporation Income Taxes receipts were $95 billion.
- The largest outlay by function was Medicare ($118 billion) followed by Social Security ($116 billion), National Defense ($85 billion), Health ($77 billion) and Income Security ($58 billion).
Big Picture
- The key takeaway from the report is that the month of September marks the government's fiscal year end. FY23 saw a deficit of $1.695 trillion versus a deficit of $1.375 trillion for FY22.
| Category | SEP | AUG | JUL | JUN | MAY |
| Deficit (-)/Surplus | -$171.0B | $89.2B | -$220.8B | -$227.8B | -$240.3B |
| Deficit (-)/Surplus Fiscal YTD | -$1695.1B | -$1524.2B | -$1613.4B | -$1392.6B | -$1164.9B |
| Deficit (-)/Surplus over last 12 months | -$1695.1B | -$1953.9B | -$2262.8B | -$2253.0B | -$2114.1B |