RECEIPTS, OUTLAYS, AND SURPLUSES OR DEFICITS(-): 1940-2009
(billions of dollars)
Public
Total Total Unified Public Def w/o Gross OASDI Medicare
Year Receipts Outlays Deficit Deficit OASDI Deficit Surplus Surplus
---- -------- ------- ------- ------- ------- ------- ------- --------
1940 6.5 9.5 -2.9 0.6 0.0
1941 8.7 13.7 -4.9 -5.5 -6.1 -6.8 0.7 0.0
1942 14.6 35.1 -20.5 -19.5 -20.4 -21.7 0.8 0.0
1943 24.0 78.6 -54.6 -60.0 -61.1 -63.4 1.0 0.0
1944 43.7 91.3 -47.6 -57.0 -58.2 -61.4 1.2 0.0
1945 45.2 92.7 -47.6 -50.4 -51.6 -56.0 1.2 0.0
1946 39.3 55.2 -15.9 -6.7 -7.7 -10.9 1.0 0.0
1947 38.5 34.5 4.0 17.5 16.4 13.8 1.2 0.0
1948 41.6 29.8 11.8 8.1 6.8 5.1 1.2 0.0
1949 39.4 38.8 0.6 1.9 0.7 -0.6 1.3 0.0
1950 39.4 42.6 -3.1 -4.7 -6.3 -4.2 1.6 0.0
1951 51.6 45.5 6.1 4.7 2.9 1.6 1.8 0.0
1952 66.2 67.7 -1.5 -0.4 -2.3 -3.8 1.9 0.0
1953 69.6 76.1 -6.5 -3.6 -5.4 -6.9 1.8 0.0
1954 69.7 70.9 -1.2 -6.1 -7.8 -4.8 1.7 0.0
1955 65.5 68.4 -3.0 -2.1 -3.2 -3.6 1.1 0.0
1956 74.6 70.6 3.9 4.5 3.0 1.7 1.5 0.0
1957 80.0 76.6 3.4 2.8 2.1 0.4 0.8 0.0
1958 79.6 82.4 -2.8 -7.0 -7.6 -7.4 0.5 0.0
1959 79.2 92.1 -12.8 -8.4 -7.7 -7.8 -0.7 0.0
1960 92.5 92.2 0.3 -2.1 -1.9 -3.1 -0.2 0.0
1961 94.4 97.7 -3.3 -1.5 -1.9 -2.1 0.4 0.0
1962 99.7 106.8 -7.1 -9.7 -8.4 -10.3 -1.3 0.0
1963 106.6 111.3 -4.8 -6.0 -5.2 -7.4 -0.8 0.0
1964 112.6 118.5 -5.9 -2.9 -3.5 -5.7 0.6 0.0
1965 116.8 118.2 -1.4 -3.9 -4.1 -6.3 0.2 0.0
1966 130.8 134.5 -3.7 -2.9 -2.3 -6.2 -0.6 0.9
1967 148.8 157.5 -8.6 -2.9 -6.9 -11.9 4.0 1.0
1968 153.0 178.1 -25.2 -22.9 -25.5 -28.2 2.6 -0.1
1969 186.9 183.6 3.2 11.4 7.7 2.9 3.7 0.7
1970 192.8 195.6 -2.8 -5.1 -10.9 -15.2 5.9 0.3
1971 187.1 210.2 -23.0 -19.8 -22.9 -27.3 3.0 0.7
1972 207.3 230.7 -23.4 -19.3 -22.4 -27.8 3.0 -0.1
1973 230.8 245.7 -14.9 -18.5 -19.0 -30.4 0.5 1.8
1974 263.2 269.4 -6.1 -2.8 -4.6 -17.6 1.8 4.1
1975 279.1 332.3 -53.2 -51.0 -53.0 -58.0 2.0 2.1
1976 298.1 371.8 -73.7 -82.7 -79.5 -87.0 -3.2 0.7
1977 355.6 409.2 -53.7 -71.7 -66.4 -77.4 -5.3 1.3
1978 399.6 458.7 -59.2 -58.0 -53.8 -70.2 -4.3 2.4
1979 463.3 504.0 -40.7 -33.2 -31.2 -52.9 -2.0 2.6
1980 517.1 590.9 -73.8 -71.6 -70.5 -79.6 -1.1 0.7
1981 599.3 678.2 -79.0 -77.5 -72.5 -85.8 -5.0 2.8
1982 617.8 745.7 -128.0 -135.2 -127.2 -142.5 -7.9 4.8
1983 600.6 808.4 -207.8 -212.7 -225.3 -234.3 12.7 -6.2
1984 666.5 851.9 -185.4 -169.7 -170.0 -192.9 0.3 5.6
1985 734.1 946.4 -212.3 -200.3 -207.8 -252.8 7.5 5.9
1986 769.2 990.4 -221.2 -233.4 -239.5 -303.1 6.1 16.1
1987 854.4 1004.1 -149.7 -149.1 -168.7 -225.5 19.6 8.9
1988 909.3 1064.5 -155.2 -161.9 -200.7 -255.1 38.8 15.3
1989 991.2 1143.6 -152.5 -139.1 -191.5 -266.7 52.4 22.4
1990 1032.0 1253.2 -221.2 -220.8 -279.1 -338.5 58.2 15.5
1991 1055.0 1324.4 -269.3 -277.4 -331.0 -391.9 53.5 15.4
1992 1091.3 1381.7 -290.4 -310.7 -361.5 -403.6 50.7 13.6
1993 1154.4 1409.5 -255.1 -248.7 -295.4 -349.3 46.8 10.2
1994 1258.6 1461.9 -203.3 -184.7 -241.4 -292.3 56.8 1.1
1995 1351.8 1515.8 -164.0 -171.3 -231.8 -277.3 60.4 -7.1
1996 1453.1 1560.5 -107.5 -129.7 -196.1 -260.9 66.4 8.9
1997 1579.3 1601.3 -22.0 -38.3 -119.6 -187.7 81.3 -1.1
1998 1721.8 1652.6 69.2 51.2 -48.2 -109.0 99.4 6.6
1999 1827.5 1701.9 125.6 88.7 -36.0 -127.3 124.7 26.3
2000 2025.2 1788.8 236.4 222.6 70.7 -23.2 151.8 29.9
2001 1991.2 1863.8 127.4 90.2 -72.8 -141.2 163.0 25.2
2002 1853.2 2011.0 -157.8 -220.8 -379.8 -428.5 159.1 28.6
2003 1782.3 2157.6 -375.3 -373.2 -528.9 -561.6 155.7 8.1
2004* 1798.1 2318.8 -520.7 -507.2 -656.2 -726.4 149.1 5.6
2005* 2036.3 2399.8 -363.6 -371.1 -550.2 -646.5 179.1 17.8
2006* 2205.7 2473.3 -267.6 -282.3 -480.2 -593.4 197.9 30.8
2007* 2350.8 2592.1 -241.3 -258.9 -479.6 -591.5 220.7 22.2
2008* 2485.3 2724.3 -239.0 -256.4 -613.2 25.2
2009* 2616.4 2853.5 -237.1 -255.0 -633.0 26.0
RECEIPTS, OUTLAYS, AND SURPLUSES OR DEFICITS(-) FROM PRIOR BUDGET: 2003-2008
(billions of dollars)
Public
Total Total Unified Public Def w/o Gross OASDI Medicare
Year Receipts Outlays Deficit Deficit OASDI Deficit Surplus Surplus
---- -------- ------- ------- ------- ------- ------- ------- --------
2003* 1836.2 2140.4 -304.2 -338.0 -497.2 -553.6 -159.2 -16.8
2004* 1922.0 2229.4 -307.4 -287.6 -459.2 -568.7 -171.6 -31.4
2005* 2135.2 2343.4 -208.2 -220.5 -416.0 -516.7 -195.5 -32.0
2006* 2263.2 2463.7 -200.5 -216.1 -426.3 -515.9 -210.2 -40.7
2007* 2398.1 2576.2 -178.1 -194.0 -421.0 -504.1 -227.0 -40.1
2008* 2520.9 2710.5 -189.6 -206.3 -530.2 -42.1
-------------------------------------------------------------------------------------
RECEIPTS, OUTLAYS, AND SURPLUSES OR DEFICITS(-): 1940-2009
(percentage of GDP)
Public
Total Total Unified Public Def w/o Gross OASDI Medicare GDP
Year Receipts Outlays Deficit Deficit OASDI Deficit Surplus Surplus ($bil)
---- -------- ------- ------- ------- ------- ------- ------- ------- -------
1940 6.8 9.8 -3.0 0.6 0.0 96.8
1941 7.6 12.0 -4.3 -4.8 -5.3 -6.0 0.6 0.0 114.1
1942 10.1 24.3 -14.2 -13.5 -14.1 -15.0 0.6 0.0 144.3
1943 13.3 43.6 -30.3 -33.3 -33.9 -35.2 0.6 0.0 180.3
1944 20.9 43.6 -22.7 -27.3 -27.8 -29.4 0.6 0.0 209.2
1945 20.4 41.9 -21.5 -22.8 -23.3 -25.3 0.5 0.0 221.4
1946 17.6 24.8 -7.2 -3.0 -3.5 -4.9 0.5 0.0 222.7
1947 16.5 14.8 1.7 7.5 7.0 5.9 0.5 0.0 233.2
1948 16.2 11.6 4.6 3.1 2.7 2.0 0.5 0.0 256.7
1949 14.5 14.3 0.2 0.7 0.3 -0.2 0.5 0.0 271.3
1950 14.4 15.6 -1.1 -1.7 -2.3 -1.6 0.6 0.0 273.2
1951 16.1 14.2 1.9 1.5 0.9 0.5 0.6 0.0 320.3
1952 19.0 19.4 -0.4 -0.1 -0.7 -1.1 0.5 0.0 348.7
1953 18.7 20.4 -1.7 -1.0 -1.4 -1.8 0.5 0.0 372.6
1954 18.5 18.8 -0.3 -1.6 -2.1 -1.3 0.4 0.0 377.1
1955 16.5 17.3 -0.8 -0.5 -0.8 -0.9 0.3 0.0 395.9
1956 17.5 16.5 0.9 1.0 0.7 0.4 0.3 0.0 427.0
1957 17.7 17.0 0.8 0.6 0.5 0.1 0.2 0.0 450.9
1958 17.3 17.9 -0.6 -1.5 -1.6 -1.6 0.1 0.0 460.0
1959 16.2 18.8 -2.6 -1.7 -1.6 -1.6 -0.1 0.0 490.2
1960 17.8 17.8 0.1 -0.4 -0.4 -0.6 -0.0 0.0 518.9
1961 17.8 18.4 -0.6 -0.3 -0.4 -0.4 0.1 0.0 529.9
1962 17.6 18.8 -1.3 -1.7 -1.5 -1.8 -0.2 0.0 567.8
1963 17.8 18.6 -0.8 -1.0 -0.9 -1.2 -0.1 0.0 599.2
1964 17.6 18.5 -0.9 -0.4 -0.5 -0.9 0.1 0.0 641.4
1965 17.0 17.2 -0.2 -0.6 -0.6 -0.9 0.0 0.0 687.5
1966 17.3 17.8 -0.5 -0.4 -0.3 -0.8 -0.1 0.1 755.8
1967 18.4 19.4 -1.1 -0.4 -0.9 -1.5 0.5 0.1 810.2
1968 17.6 20.5 -2.9 -2.6 -2.9 -3.3 0.3 -0.0 868.5
1969 19.7 19.4 0.3 1.2 0.8 0.3 0.4 0.1 948.3
1970 19.0 19.3 -0.3 -0.5 -1.1 -1.5 0.6 0.0 1012.9
1971 17.3 19.5 -2.1 -1.8 -2.1 -2.5 0.3 0.1 1080.3
1972 17.6 19.6 -2.0 -1.6 -1.9 -2.4 0.3 -0.0 1176.9
1973 17.6 18.7 -1.1 -1.4 -1.5 -2.3 0.0 0.1 1311.0
1974 18.3 18.7 -0.4 -0.2 -0.3 -1.2 0.1 0.3 1438.9
1975 17.9 21.3 -3.4 -3.3 -3.4 -3.7 0.1 0.1 1560.8
1976 17.1 21.4 -4.2 -4.8 -4.6 -5.0 -0.2 0.0 1738.8
1977 18.0 20.7 -2.7 -3.6 -3.4 -3.9 -0.3 0.1 1974.4
1978 18.0 20.7 -2.7 -2.6 -2.4 -3.2 -0.2 0.1 2218.3
1979 18.5 20.1 -1.6 -1.3 -1.2 -2.1 -0.1 0.1 2502.4
1980 19.0 21.7 -2.7 -2.6 -2.6 -2.9 -0.0 0.0 2725.4
1981 19.6 22.2 -2.6 -2.5 -2.4 -2.8 -0.2 0.1 3058.6
1982 19.2 23.1 -4.0 -4.2 -3.9 -4.4 -0.2 0.1 3225.5
1983 17.4 23.5 -6.0 -6.2 -6.5 -6.8 0.4 -0.2 3442.7
1984 17.3 22.1 -4.8 -4.4 -4.4 -5.0 0.0 0.1 3846.7
1985 17.7 22.8 -5.1 -4.8 -5.0 -6.1 0.2 0.1 4148.9
1986 17.5 22.5 -5.0 -5.3 -5.4 -6.9 0.1 0.4 4406.7
1987 18.4 21.6 -3.2 -3.2 -3.6 -4.8 0.4 0.2 4654.4
1988 18.1 21.2 -3.1 -3.2 -4.0 -5.1 0.8 0.3 5011.9
1989 18.3 21.2 -2.8 -2.6 -3.5 -4.9 1.0 0.4 5401.7
1990 18.0 21.8 -3.9 -3.8 -4.9 -5.9 1.0 0.3 5737.0
1991 17.8 22.3 -4.5 -4.7 -5.6 -6.6 0.9 0.3 5934.2
1992 17.5 22.1 -4.7 -5.0 -5.8 -6.5 0.8 0.2 6240.6
1993 17.5 21.4 -3.9 -3.8 -4.5 -5.3 0.7 0.2 6578.4
1994 18.1 21.0 -2.9 -2.7 -3.5 -4.2 0.8 0.0 6964.2
1995 18.5 20.7 -2.2 -2.3 -3.2 -3.8 0.8 -0.1 7325.1
1996 18.9 20.3 -1.4 -1.7 -2.5 -3.4 0.9 0.1 7697.4
1997 19.3 19.6 -0.3 -0.5 -1.5 -2.3 1.0 -0.0 8186.6
1998 20.0 19.2 0.8 0.6 -0.6 -1.3 1.2 0.1 8626.3
1999 20.0 18.6 1.4 1.0 -0.4 -1.4 1.4 0.3 9127.0
2000 20.9 18.4 2.4 2.3 0.7 -0.2 1.6 0.3 9708.4
2001 19.8 18.6 1.3 0.9 -0.7 -1.4 1.6 0.3 10040.7
2002 17.9 19.4 -1.5 -2.1 -3.7 -4.1 1.5 0.3 10373.4
2003 16.5 19.9 -3.5 -3.4 -4.9 -5.2 1.4 0.1 10828.3
2004* 15.7 20.2 -4.5 -4.4 -5.7 -6.3 1.3 0.0 11466.0
2005* 16.9 19.9 -3.0 -3.1 -4.6 -5.4 1.5 0.1 12042.4
2006* 17.4 19.6 -2.1 -2.2 -3.8 -4.7 1.6 0.2 12641.1
2007* 17.7 19.5 -1.8 -1.9 -3.6 -4.5 1.7 0.2 13279.1
2008* 17.8 19.5 -1.7 -1.8 -4.4 0.2 13972.6
2009* 17.8 19.4 -1.6 -1.7 -4.3 0.2 14701.6
RECEIPTS, OUTLAYS, AND SURPLUSES OR DEFICITS(-) FROM PRIOR BUDGET: 2003-2008
(percentage of GDP)
Public
Total Total Unified Public Def w/o Gross OASDI Medicare GDP
Year Receipts Outlays Deficit Deficit OASDI Deficit Surplus Surplus ($bil)
---- -------- ------- ------- ------- ------- ------- ------- ------- -------
2003* 17.1 19.9 -2.8 -3.1 -4.6 -5.1 -1.5 -0.2 10756.8
2004* 17.0 19.7 -2.7 -2.5 -4.1 -5.0 -1.5 -0.3 11303.1
2005* 18.0 19.7 -1.8 -1.9 -3.5 -4.3 -1.6 -0.3 11883.6
2006* 18.1 19.7 -1.6 -1.7 -3.4 -4.1 -1.7 -0.3 12482.6
2007* 18.3 19.7 -1.4 -1.5 -3.2 -3.8 -1.7 -0.3 13104.2
2008* 18.3 19.7 -1.4 -1.5 -3.9 -0.3 13751.5
* estimated
Note: Public Deficit equals change in Public Debt; Gross Deficit equals change
Gross Debt; Gross Debt equals Public Debt plus debt held by government
accounts; OASDI includes Old-Age and Survivors Insurance Fund (OAS) and
Disability Insurance Fund (DI); negative numbers denote deficits
Source: Budget of the United States Government, FY 2005, Historical Tables,
tables 1.1, 7.1, 13.1
(prior budget) Budget of the United States Government, FY 2004,
Historical Tables, tables 1.1, 7.1, 13.1
================================================================================
Among the points that the above tables illustrate are the following:
1) The gross deficit is now projected to reach a record level of $726
billion in 2004, $158 billion above last year's projection. This
will equal 6.3% of GDP, the highest level since it reached 6.5% of
GDP in 1992.
2) The unified deficit is now projected to reach a record level of $521
billion in 2004, $213 billion above last year's projection. This
will equal 4.5% of GDP, the highest level since it reached 4.7% of
GDP in 1992. The unified deficit is the deficit that is most often
reported and, as the above graph shows, is very nearly equal to the
public deficit.
3) These record deficits appear to be chiefly due to a steep drop in
receipts. From 2000 to 2004, receipts will have dropped from 20.9% of
GDP to 15.7% of GDP, their lowest level since 1950. Meanwhile, outlays
will have risen from 18.4% of GDP to 20.2% of GDP. The projected drop
in receipts of 5.2% of GDP is nearly three times the projected rise in
outlays of 1.8% of GDP.
The following points show the relationship between deficits and their
corresponding debts. This is important since it is the debt that we
are paying interest on and are obligated to pay back. The figures
for the debts can be found at debt05.html.
4) The gross deficit is projected to reach 6.3 percent of GDP in 2004
and decrease to 4.3 percent of GDP by 2009. Meanwhile, the gross
debt is projected to continue rising as a percent of GDP, reaching
71.9 percent of GDP in 2009. In order for the gross debt to
stabilize at the current 62.4 percent of GDP, the gross deficit would
need to stabilize at 62.4 percent of the projected growth in GDP.
As GDP is projected to grow at about 5.2 percent from 2004 to 2009,
the gross deficit would need to stablize at about 3.2 percent of GDP.
5) The public deficit is projected to reach 4.4 percent of GDP in 2004
and decrease to 1.7 percent of GDP by 2009. Meanwhile, the public
debt is projected to stabilize at about 40 percent of GDP through
2009. In order for the public debt to stabilize at 40 percent of
GDP, the public deficit needs to stabilize at 40 percent of the
projected growth in GDP (about 5.2 percent). This works out to
about 2.1 percent of GDP.
================================================================================
DEBT HELD BY GOVERNMENT ACCOUNTS (billions of dollars)
Investment or disinvestment Holdings
----------------------------- end of
2003 % of 2004 2005 2005 % of
Description actual total est. est. est. total
---------------------------------- ------ ----- ------ ------ ------- -----
Old-age and survivors trust fund.. 139.7 74.1 138.0 167.0 1618.4 48.4
Civil Service retirement & disabil 28.0 14.9 29.8 31.1 662.7 19.8
Hospital insurance trust fund..... 22.4 11.9 9.4 10.6 271.3 8.1
Disability insurance trust fund... 15.5 8.2 11.4 12.1 194.3 5.8
Military retirement trust fund.... 10.0 5.3 9.7 8.0 190.0 5.7
Uniformed Services Retiree Health. 18.4 9.8 20.1 23.8 62.3 1.9
Federal Deposit Insurance Corp.... 0.9 0.5 3.5 0.9 49.8 1.5
Unemployment trust fund........... -20.1 -10.7 -6.4 4.3 46.1 1.4
Employees life ins & health benfts 2.9 1.5 2.0 2.6 40.4 1.2
Housing and Urban Development..... 2.9 1.5 0.3 4.3 35.6 1.1
Supplementary medical insurance... -14.0 -7.4 -3.6 7.7 29.0 0.9
Highway and Airport trust funds... -5.7 -3.0 2.6 -0.0 26.6 0.8
Other government accounts......... -12.5 -6.6 2.5 3.1 114.5 3.4
--------------------------------------------------------------------------------
Total investment in Federal debt.. 188.4 100.0 219.3 275.4 3341.1 100.0
Source: Budget of the United States Government, FY 2005, Analytical
Perspectives, page 230, table 15-4
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