Federal Budget for FY23 Released

On March 31, 2022, we updated usgovernmentspending.com with the numbers from the historical tables in the Budget of the United States Government for Fiscal Year 2023. Actual revenue for FY 2021 and estimated revenue through FY 2027 come from Historical Tables 2.1, 2.4, and 2.5. Actual spending for FY 2021 and estimated spending at the subfunction level through FY 2027 come from Table 3.2. Budget Authority estimates come from Table 5.1, federal debt estimates come from Table 7.1 and GDP estimates come from Table 10.1. Intergovernmental transfers come from Table 12.3.

Here is how headline budget estimates for the upcoming FY 2022 fiscal year have changed since the release of the FY 2022 budget a year ago in Winter 2021.

Federal Budget Changes for 2022

$ billion	Estimate for 2022 in FY2022 Budget	Estimate for 2022 in FY2023 Budget	Change
Federal Outlays	$6,011.2	$5,851.6	-$159.6
Federal Receipts	$4,174.2	$4,436.6	+$262.4
Federal Deficit	$1,837.0	$1,415.0	-$422.0

You can see line item changes from budget to budget here. You can compare budget estimates with actuals here.

Account level spending estimates through FY 2027 come from the Outlays table in the Public Budget Database and were updated on usgovernmentspending.com on March 31, 2022.

Account level budget authority estimates through FY 2027 come from the Budget Authority table in the Public Budget Database and were updated on usgovernmentspending.com on March 31, 2022.

Gross State Product for 2021

The US Bureau of Economic Analysis (BEA) released its Gross State Product (GSP) data for 2020 on March 31, 2021.

Usgovernmentspending.com has updated its individual state GSPs for 2021 and projected nominal and real GSP through 2027 for each state using the projected national GDP numbers from Table 10.1 in the Historical Tables for the Federal FY2023 Budget and the historical GDP data series from the BEA as a baseline.

As before we have projected individual state GSPs out to 2027. 

Click here to view a complete list of US states and their 2021 GSP growth rates.

Process:

1. Click on link.
2. Click on "Interactive Data" link
3. Click on "Interactive Tables: GDP by State" link
4. Click on "Annual Gross Domestic Product (GDP) by State"
5. Click on Gross Domestic Product (GDP) summary (SAGDP1)
6. Areas: Select "All Areas"
7. Statistic: Select "Real GDP..." and "Current-dollar GDP..."
8. Click on Next Step button
9. Time Period: Select "All Years"
10. Click on Next Step button
11. Click on Download Data button
12. Select CSV 

Agency Debt Update for 2021

On March 27, 2022, usgovernmentspending.com updated its data for agency debt from the Federal Reserve Board database. Data is now available for the period 1945-2021. You can see our Agency Debt page here, and a comparison with the official "on-the-books" debt here.

For the period 2022 to 2027 usgovernmentspending.com has "guesstimated" the agency debt, assuming that it increases at the same rate as it did in 2020 to 2021.

See "Federal 'Agency Debt' Added" for explanation of  data derivation.

Data is downloaded from the FRB data download page for "Financial Accounts of the United States (Z.1)" as follows.

1. Select a preformatted data package: "L.211 (A) Agency- and GSE-Backed Securities, n.s.a."
2. Click: Format package.
3. Select: 100 years.
4. Click: Go to Download.
5. Click: Download File.