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Final Monthly Treasury Statement Receipts and Outlays of the United States Government for Fiscal Year 2020 Through September 30, 2020, and Other Periods

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Final Monthly Treasury Statement Receipts and Outlays of the United States Government for Fiscal Year 2020 Through September 30, 2020, and Other Periods U.S. DEPARTMENT OF THE TREASURY | BUREAU OF THE FISCAL SERVICE Final Monthly Treasury Statement Receipts and Outlays of the United States Government For Fiscal Year 2020 Through September 30, 2020, and Other Periods Highlight This issue includes the final budget results for Fiscal Year 2020 and details a deficit of $3,132 billion, $2,147 billion (218%) higher than in FY 2019. For the first six-months of the fiscal year, the deficit was $52 billion (8%) higher than the comparable six-months in FY 2019. As a result of economic impacts of the COVID-19 pandemic and legislative and other actions taken in response to it, the deficit increased by $2,095 billion (715%) during the second half of the year. Contents Summary.................................................................................................................................................................... Page 5 Receipts...................................................................................................................................................................... Page 10 Outlays........................................................................................................................................................................ Page 11 Means of Financing.................................................................................................................................................... Page 25 Receipts/Outlays by Month......................................................................................................................................... Page 35 Federal Trust Funds/ Securities.................................................................................................................................. Page 37 Receipts by Source/Outlays by Function.................................................................................................................... Page 38 Explanatory Notes....................................................................................................................................................... Page 39 Introduction The Monthly Treasury Statement of Receipts and Outlays of the United States Government (MTS) is prepared by the Bureau of the Fiscal Service, Department of the Treasury and, after approval by the Fiscal Assistant Secretary of the Treasury, is normally released on the 8th workday of the month following the reporting month. The publication is based on data provided by Federal entities, disbursing officers, and Federal Reserve banks. AUDIENCE The MTS is published to meet the needs of those responsible for or interested in the cash position of the Treasury, those who are responsible or interested in the Government's budget results; and individuals and businesses whose operations depend upon or are related to the Government's financial operations. DISCLOSURE STATEMENT This statement summarizes the financial activities of the Federal Government and off-budget Federal entities conducted in accordance with the Budget of the U.S. Government, i.e., receipts and outlays of funds, the surplus or deficit, and the means of financing the deficit or disposing of the surplus. Information is presented on a modified cash basis; receipts are accounted for on the basis of collections; refunds of receipts are treated as deductions from gross receipts; revolving and management fund receipts, reimbursements and refunds of monies previously expended are treated as deductions from gross outlays; and interest on the public debt (public issues) is recognized on the accrual basis. Major information sources include accounting data reported by Federal entities, disbursing officers, and Federal Reserve banks. TRIAD OF PUBLICATIONS The MTS is part of a triad of Treasury financial reports. The Daily Treasury Statement is published each working day of the Federal Government. It provides data on the cash and debt operations of the Treasury based upon reporting of the Treasury account balances by Federal Reserve banks. The MTS is a report of Government receipts and outlays, based on agency reporting. The Combined Statement of Receipts, Outlays, and Balances of the United States Government is the official publication of the detailed receipts and outlays of the Government. It is published annually in accordance with legislative mandates given to the Secretary of the Treasury. DATA SOURCES AND INFORMATION The Explanatory Notes section of this publication provides information concerning the flow of data into the MTS and sources of information relevant to the MTS. 3 Figure 1. Receipts, Outlays, and Surplus/Deficit for September 2020 Receipts by Source: Outlays by Function: Total Receipts Total Outlays $373 Billion $498 Billion $92 Billion Social Security Individual Income Taxes $161 Billion $72 Billion Income Security $66 Billion National Defense Social Insurance & Retirement $115 Billion $65 Billion Medicare Corporation Income Taxes $50 Billion $64 Billion Health $26 Billion Excise Taxes $55 Billion Education $13 Billion Miscellaneous Deficit $30 Billion Community & Regional Dev. $125 Billion $21 Billion Veterans' Benefits $6 Billion Customs Duties $15 Billion Transportation $2 Billion $18 Billion Estate and Gift Taxes Other Figure 2. Cumulative Receipts, Outlays, and Surplus/Deficit through Fiscal Year 2020 Receipts by Source: Outlays by Function: Total Receipts Total Outlays $3,420 Billion $6,552 Billion $1,263 Billion Income Security Individual Income Taxes $1,609 Billion $1,096 Billion Social Security Social Insurance & Retirement $1,310 Billion $776 Billion Medicare $748 Billion Health $212 Billion Corporation Income Taxes $726 Billion National Defense $117 Billion Miscellaneous $572 Billion Commerce & Housing Deficit $87 Billion Excise Taxes $345 Billion Net Interest $3,132 Billion $237 Billion Education Billion $69 $219 Billion Customs Duties Veterans' Benefits $18 Billion $571 Billion Other Estate and Gift Taxes 4 Source data: Table 9 Table 1. Summary of Receipts, Outlays, and the Deficit/Surplus of the U.S. Government, Fiscal Years 2019 and 2020, by Month [$ millions] Period Receipts Outlays Deficit/Surplus (-) FY 2019 October 252,692 353,183 100,491 November 205,961 410,864 204,903 December 312,584 326,123 13,539 January 339,980 331,299 -8,681 February 167,265 401,243 233,977 March 228,811 375,756 146,945 April 535,545 375,240 -160,304 May 232,064 439,833 207,768 June 333,952 342,430 8,477 July 251,348 371,043 119,695 August 227,965 428,309 200,344 September 374,056 291,288 -82,768 Year-to-Date 3,462,223 4,446,611 984,388 FY 2020 October 245,521 379,988 134,467 November 225,185 434,024 208,838 December 335,805 349,091 13,286 January 372,288 404,883 32,595 February 187,951 423,229 235,278 March 236,766 355,754 118,988 April 241,863 979,885 738,022 May 173,861 572,614 398,754 June 240,829 1,104,903 864,074 July 563,496 626,487 62,992 August 223,221 1423,233 200,012 September 373,169 497,780 124,611 Year-to-Date 3,419,955 6,551,872 3,131,917 1 Outlays decreased by $83 million due to additional reporting by the Department Note: Details may not add to totals due to rounding. of the Treasury and the Department of the Air Force. Table 2. Summary of Budget and Off-Budget Results and Financing of the U.S. Government, September 2020 and Other Periods [$ millions] Current Budget Comparable Budget This Classification Fiscal Year Estimates Full Prior Period Estimates Month to Date Fiscal Year 1 Year to Date Next Fiscal (2019) Year (2021) 1 Total On-Budget and Off-Budget Results: Total Receipts 373,169 3,419,955 3,706,327 3,462,223 3,863,293 On-Budget Receipts 287,264 2,454,527 2,739,254 2,547,921 2,852,257 Off-Budget Receipts 85,905 965,428 967,073 914,302 1,011,036 Total Outlays 497,780 6,551,872 4,789,746 4,446,611 4,829,359 On-Budget Outlays 407,747 5,596,291 3,829,949 3,539,994 3,811,118 Off-Budget Outlays 90,033 955,581 959,797 906,617 1,018,241 Total Surplus (+) or Deficit (-) -124,611 -3,131,917 -1,083,419 -984,388 -966,066 On-Budget Surplus (+) or Deficit (-) -120,483 -3,141,764 -1,090,695 -992,073 -958,861 Off-Budget Surplus (+) or Deficit (-) -4,128 +9,846 +7,276 +7,685 -7,205 Total On-Budget and Off-Budget Financing 124,611 3,131,917 1,083,419 984,388 966,066 Means of Financing: Borrowing from the Public 197,279 4,216,280 1,080,435 1,051,608 1,030,904 Reduction of Operating Cash, Increase (-) -75,697 -1,399,196 -2,517 2,229 ...... By Other Means 3,029 314,833 5,500 -69,450 -64,838 1 These estimates are based on the FY 2021 Budget, released by the Office of Note: Details may not add to totals due to rounding. Management and Budget on February 10, 2020. ... No Transactions 5 ($2,500B) ($1,500B) ($7,000B) ($5,000B) ($3,000B) ($1,000B) ($1,000B) ($1,000B) Fiscal Years 2019 and 2020 and 2019 Years Fiscal Cumulative, Government, U.S. the of Deficit/Surplus Budget and Outlays, Receipts, Monthly 4. Figure $1,000B $2,000B $3,000B $4,000B 2019 and 2020 and 2019 Years Fiscal Government, U.S. the of Deficit/Surplus Budget and Outlays, Receipts, Monthly 3. Figure ($500B) ($600B) ($200B) ($600B) ($200B) $200B $200B $500B $600B $600B $0B Receipts Receipts O c t O c t N o v N o v D e c D e c J a n J a n F e b F e b Outlays Outlays 2019 M a r 2019 M a r A p r A p r M a y M a y J u n J u n J u l Deficit(-)/Surplus J u l Deficit(-)/Surplus 6 A u g A u g S e p S e p O c t O c t N o v N o v D e c D e c J a n J a n F e b F e b 2020 M a r 2020 M a r A p r A p r M a y M a y Source J u n J u n J u l J u l d ata: Table 1 A u g A u g S e p S e p Figure 5. Receipts of the U.S. Government, by Source, Fiscal Year 2020 Month of September 2020: $373B Fiscal Year 2020 to Date: $3,420B $13B $8B $212B $117B $86B $50B $115B $1,310B $87B $26B $161B $1,609B Miscellaneous Receipts Corporation Income Taxes Individual Income Taxes Other Excise Taxes Social Insurance and Retirement Receipts Figure 6.
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