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Monthly Budget Review - Summary for Fiscal Year 2013 1 (November 7, 2013)

handle is hein.congrec/cbo11354 and id is 1 raw text is: .:.: ? / NOVEMBER 7 2013 Monthly Budget Review-Summary for Fiscal Year 2013 The federal government incurred a budget deficit of $680 billion in fiscal year 2013, which was $409 billion less than the deficit in fiscal year 2012. The fiscal year that just ended marked the first since 2008 that the deficit was under $1 trillion. As a share of the nation's gross domestic product (GDP), the deficit declined from 6.8 percent in 2012 to 4.1 percent in 2013. (The deficit was 1.1 percent of GDP in 2007, prior to the recent recession.) Fiscal Year Totals (Billions of dollars) Receipts 2,524 2,105 2,163 2,303 2,449 2,774 .. . . . . . . . ......... a y .................................................................................................. ......................... ...................... .. .. .. .. .. . ...8 3. .. .. .., 5.. .. . .. .. ..,. .. .. .. .. . .. .. .. .. .. 3 , 5 3 8.. . .. .. ...3.. .. .. .. . D e f i c i t ( -)........................................................................................................ Amount -450 -1,413 -1t,294 -1,300 -1,089 -680 Percentage of GDP -3.1 -9.8 -8.8 -8.4 -6.8 -4.1 Sources: Congressional Budget Office; Office of Management and Budget (0MB); Department of the Treasury. Two unusual factors had large but mostly offsetting effects on the reduction in the deficit from 2012 to 2013. First, a shift in the timing of certain payments reduced the 2012 deficit: About $31 billion in payments that would ordinarily have been made on October 1, 2011, were made instead in September 2011 because October 1 fell on a weekend. Second, the federal government received a one-time payment of about $50 billion from Fannie Mae this past summer. Without those two factors, the deficit in both years would have been larger, and the 2013 deficit would have been about $390 billion less than the shortfall in 2012. In 2013, the government' s revenues increased (in nominal terms) for the fourth consecutive year, reaching $2.8 trillion, which was $325 billion, or 13 percent, more than revenues in 2012 and 8 percent above their previous peak in 2007. As a result, 2013 was the first year since the recession in which revenues exceeded the amounts collected in 2007. As a percentage of GDP, revenues rose from 15.2 percent in 2012 to 16.7 percent in 2013, but they remained below the level in 2007 (17.9 percent) and the average over the past 40 years (17.4 percent). Net spending by the government was $84 billion less in 2013 than in 2012, and it was lower than outlays in any year since 2008. It amounted to 20.8 percent of GDP in 2013, lower than the 22.0 percent recorded in 2012 but still above the 40-year average of 20.4 percent.

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