US Deficit for FY12

On October 6, 2012, the Congressional Budget Office estimated in its Monthly Budget Review for September that the federal deficit for FY12 ending September 30 was $1.09 trillion. Here are the numbers, including total receipts, total outlays, and deficit compared with the numbers projected in the federal budget published in February 2012:

UPDATE 10/12/2012: Official Treasury numbers added below.  See press release here.

Federal Finances FY12 Outcomes
	Budget billions	CBO billions	Treasury billions
Receipts	$2,469	$2,450	$2,449
Outlays	$3,795	$3,540	$3,538
Deficit	$1,327	$1,090	$1,089

The US Treasury will announce announced on October 12, 2012 the official government report on FY12 outcomes later in October.

usfederalbudget.us now shows the new numbers for total FY12 outlays and receipts on its Estimate vs. Actual page, but will not update detailed FY2012 numbers until the FY2014 federal budget is published in February 2013.

State Tax FY12 Update

On October 6, 2012 usgovernmentspending.com updated FY2012 state revenue with quarterly tax data from the US Census Bureau.  Local tax data was updated by assuming that local taxes for 2012  changed by the same percent as state taxes of the same type.

"Guesstimated" spending and revenue for state and local government for FY 2011 through FY 2017 was updated using the method described in "Change to 'Guesstimated' State and Local Spending", by projecting the rate of change for each spending or revenue item between FY 2009 and FY 2010 forwards to FY 2017.

The following table shows "guesstimated" US state and local total spending and total revenue before and after the change.

Spending $ billion	FY 2011	FY 2012	FY 2013
Before	3,063	3,067	3,167
After	3,190	3,243	3,291

Revenue $ billion	FY 2011	FY 2012	FY 2013
Before	2,549	2,619	2,748
After	2,547	2,553	2,613