US Government Budget Surplus Smaller than Expected

The US government budget surplus narrowed to USD 9 billion in January of 2019 from USD 49 billion in the corresponding month of the previous year. It compares with market expectations of a USD 25 billion surplus. Federal spending increased 6 percent to USD 331 billion while revenues declined 6 percent to USD 340 billion.

Outlays rose 6 percent from a year earlier and totalled USD 331 billion, with social security accounting for USD 86 billion, national defense for USD 52 billion, medicare for USD 51 billion, health for USD 44 billion, income security for USD 32 billion, net interest for USD 29 billion, education for USD 12 billion, veterans' benefits and services for USD 9 billion, transportation for USD 5 billion and other expenses for USD 11 billion.

Meantime, receipts dropped 6 percent to USD 340 billion, with individual income taxes accounting for USD 197 billion, social insurance and retirement for USD 115 billion, excise taxes, corporation income taxes, custom duties and miscellaneous receipts for USD 7 billion each and estate and gift taxes for USD 1 billion.

When adjusted for calendar effects, the budget was in balance in January 2019, compared with a USD 30 billion surplus the prior year.

US Government Budget Surplus Smaller than Expected

US Treasury | Agna Gabriel |
3/5/2019 7:20:58 PM