October Budget Deficit $49B; U.S. Reported Deficit Every Oct. Since 1954
U.S.
federal deficit for October totaled $49.3 billion, up 4.3% from
$47.3 billion a year ago, according to
The Treasury Department. U.S. government has run a deficit every
year in October since 1954. The all-time October high of $70 billion set
in 2003.
- Revenues for October were up 12.2% from last year to a record $167.7 billion, surpassing the old October record of $157 billion set in 2001.
- Spending for October was up 10.3% from a year ago to a record for October of $217 billion.
The budget deficit for the full 2006 budget year, which ended on Sept. 30, dropped to a four-year low of $248.2 billion. While the administration is estimating the deficit for the current budget year at $339.2 billion, an increase of 36.7% from 2006, the Congressional Budget Office is projecting a smaller increase and a full year deficit of $286 billion.
Bush has presided over the three largest deficits in U.S. history in dollar terms including the all-time high of $413 billion in 2004. (AP)
|
Summary of Receipts and Outlays of U.S. Government |
|
|
Classification |
October 2006 ($ million) |
|
RECEIPTS |
167,693 |
|
Individual income taxes |
86,217 |
|
Corporation income taxes |
9,353 |
|
Social insurance and retirement receipts: |
|
|
Employment and general retirement |
57,160 |
|
Unemployment insurance |
2,159 |
|
Other retirement |
334 |
|
Excise taxes |
4,215 |
|
Estate and gift taxes |
2,313 |
|
Customs duties |
2,457 |
|
Miscellaneous receipts |
3,484 |
|
NET OUTLAYS |
216,984 |
|
National defense |
51,201 |
|
International affairs |
2,293 |
|
General science, space, and technology |
1,025 |
|
Energy |
−52 |
|
Natural resources and environment |
2,138 |
|
Agriculture |
9,055 |
|
Commerce and housing credit |
−493 |
|
Transportation |
6,487 |
|
Community and regional development |
2,887 |
|
Education, training, employment and social services |
7,945 |
|
Health |
22,342 |
|
Medicare |
33,966 |
|
Income security |
23,297 |
|
Social security |
46,712 |
|
Veterans benefits and services |
3,400 |
|
Administration of justice |
2,962 |
|
General government |
1,524 |
|
Net interest |
18,946 |
|
Undistributed offsetting receipts |
−18,650 |
| Source: U.S. Treasury Department, Nov 2006 | |
