On March 20, 2024 the Congressional Budget Office released its annual Long Term Budget Outlook for 2024, which projects federal spending and revenue out to 20543. As before, the CBO study shows that federal health-care programs and interest costs will eat the budget, with federal spending exceeding 25 percent GDP by the mid 2030s while federal revenue stays below 19 percent GDP.
UsGovernmentspending.com has updated its chart of the CBO Long Term Budget Outlook here. You can download the data and also view CBO Long Term Budget Outlooks going back to 1999.
Two centuries of government spending in the United States.
Saturday, October 19, 2024
CBO Long Term Outlook for 2024
Friday, October 18, 2024
Federal Deficit, Receipts, Outlays Actuals for FY 2024
On October 18, 2024, the US Treasury reported in its Monthly Treasury Statement (and xlsx) for September that the federal deficit for FY 2024 ending September 30, 2024, was $1,833 billion. Here are the numbers, including total receipts, total outlays, and deficit compared with the numbers projected in the FY 2025 federal budget published in February 2024:
| Federal Finances FY 2024 Outcomes | |||
|---|---|---|---|
| Budget billions | Outcome billions | ||
| Receipts | $5,082 | $4,919 | |
| Outlays | $6,941 | $6,752 | |
| Deficit | $1,859 | $1,833 | |
usgovernmentspending.com now shows the new numbers for total FY 2024 total outlays and receipts on its Estimate vs. Actual page.
The Monthly Treasury Statement includes "Table 4: Receipts of the United States Government, September 2024 and Other Periods." This table of receipts by source is used for usgovernmentspending.com to post details of federal receipt actuals for FY 2024.
This MTS report on FY 2024 actuals is a problem for usgovernmentspending.com because this site uses Historical Table 3.2--Outlays by Function and Subfunction from the Budget of the United States as its basic source for federal subfunction outlays. But the Monthly Treasury Statement only includes "Table 9. Summary of Receipts by Source, and Outlays by Function of the U.S. Government, September 2024 and Other Periods". Subfunction amounts don't get reported until the FY26 budget in February 2025. Until then usgovernmentspending.com estimates actual outlays by "subfunction" for FY 2024 by factoring subfunction budgeted amounts for FY24 by the ratio between relevant actual and budgeted "function" amounts where actual outlays by subfunction cannot be gleaned from the Monthly Treasury Statement.
Final detailed FY 2024 actuals will not appear on usgovernmentspending.com until the FY 2026 federal budget is published in February 2025 with the actual outlays for FY 20243 in Historical Table 3.2--Outlays by Function and Subfunction.
Subscribe to:
Posts (Atom)