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Monthly Treasury Statement Receipts and Outlays of the United States Government for Fiscal Year 2021 Through February 28, 2021, and Other Periods

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Monthly Treasury Statement Receipts and Outlays of the United States Government for Fiscal Year 2021 Through February 28, 2021, and Other Periods U.S. DEPARTMENT OF THE TREASURY | BUREAU OF THE FISCAL SERVICE Monthly Treasury Statement Receipts and Outlays of the United States Government For Fiscal Year 2021 Through February 28, 2021, and Other Periods Highlight February has been a deficit month 55 times out of 67 fiscal years as February is the first full month of the annual individual tax filing season and generally contains elevated individual tax refund levels, while also not containing a major corporate or individual tax due date. Individual refunds were lower by $45 billion (-70%) this February as the tax season opened on February 12 this year compared with January 27 last 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 February 2021 Receipts by Source: Outlays by Function: Total Receipts Total Outlays $248 Billion $559 Billion $122 Billion Income Security Individual Income Taxes $126 Billion $94 Billion Social Security Social Insurance & Retirement $99 Billion $93 Billion Commerce and Housing Credit Miscellaneous $7 Billion $59 Billion Medicare Customs Duties $6 Billion $58 Billion Health Deficit $5 Billion $54 Billion National Defense Excise Taxes $311 Billion $26 Billion Net Interest $4 Billion $19 Billion Corporation Income Taxes Veterans' Benefits & Services $12 Billion Education $1 Billion $24 Billion Estate and Gift Taxes Other Figure 2. Cumulative Receipts, Outlays, and Surplus/Deficit through Fiscal Year 2021 Receipts by Source: Outlays by Function: Total Receipts Total Outlays $1,436 Billion $2,483 Billion Individual Income Taxes $704 Billion $557 Billion Income Security $466 Billion Social Security Social Insurance & Retirement $535 Billion $315 Billion Health $89 Billion $311 Billion National Defense Corporation Income Taxes $45 Billion $287 Billion Medicare Miscellaneous Deficit $138 Billion $1,047 Billion Net Interest $30 Billion Customs Duties $104 Billion Commerce and Housing Credit $95 Billion $24 Billion Veterans Benefits and Services Excise Taxes $55 Billion Transportation $9 Billion $155 Billion Estate and Gift Taxes Other 4 Source data: Table 9 Table 1. Summary of Receipts, Outlays, and the Deficit/Surplus of the U.S. Government, Fiscal Years 2020 and 2021, by Month [$ millions] Period Receipts Outlays Deficit/Surplus (-) 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 223,221 423,233 200,012 September 373,169 497,780 124,611 Year-to-Date 3,419,955 6,551,872 3,131,917 FY 2021 October 237,698 521,769 284,071 November 219,553 364,819 145,266 December 346,119 489,682 143,562 January 384,651 547,483 162,832 February 248,314 559,236 310,922 Year-to-Date 1,436,334 2,482,988 1,046,654 Note: Details may not add to totals due to rounding. Table 2. Summary of Budget and Off-Budget Results and Financing of the U.S. Government, February 2021 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 (2020) Year (2022) 1 Total On-Budget and Off-Budget Results: Total Receipts 248,314 1,436,334 3,863,293 1,366,750 4,085,664 On-Budget Receipts 173,852 1,046,152 2,852,257 990,095 3,020,952 Off-Budget Receipts 74,462 390,182 1,011,036 376,655 1,064,712 Total Outlays 559,236 2,482,988 4,829,359 1,991,215 5,005,418 On-Budget Outlays 466,710 2,080,109 3,811,118 1,609,658 3,920,492 Off-Budget Outlays 92,526 402,879 1,018,241 381,557 1,084,926 Total Surplus (+) or Deficit (-) -310,922 -1,046,654 -966,066 -624,465 -919,754 On-Budget Surplus (+) or Deficit (-) -292,858 -1,033,957 -958,861 -619,563 -899,540 Off-Budget Surplus (+) or Deficit (-) -18,064 -12,697 -7,205 -4,902 -20,214 Total On-Budget and Off-Budget Financing 310,922 1,046,654 966,066 624,465 919,754 Means of Financing: Borrowing from the Public 110,206 735,680 1,030,904 593,083 978,663 Reduction of Operating Cash, Increase (-) 196,886 367,214 ...... 25,232 ...... By Other Means 3,829 -56,241 -64,838 6,150 -58,909 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 Figure 3. Monthly Receipts, Outlays, and Budget Deficit/Surplus of the U.S. Government, Fiscal Years 2020 and 2021 2020 2021 $600B $200B ($200B) ($600B) ($1,000B) ($100B) ($300B) ($500B) ($700B) ($900B) J u l O c t O c t J a n J a n A p r J u n F e b F e b M a r S e p D e c D e c N o v N o v A u g M a y Receipts Outlays Deficit(-)/Surplus Figure 4. Monthly Receipts, Outlays, and Budget Deficit/Surplus of the U.S. Government, Cumulative, Fiscal Years 2020 and 2021 2020 2021 $4,000B $3,000B $2,000B $1,000B $0B ($1,000B) ($3,000B) ($5,000B) ($7,000B) $0B ($1,000B) ($2,000B) ($3,000B) J u l O c t O c t J a n J a n A p r F e b F e b J u n M a r D e c D e c S e p N o v N o v A u g M a y Receipts Outlays Deficit(-)/Surplus 6 Source data: Table 1 Figure 5. Receipts of the U.S. Government, by Source, Fiscal Year 2021 Month of February 2021: $248B Fiscal Year 2021 to Date: $1,436B $7B $45B $7B $5B $39B $4B $24B $89B $535B $99B $126B $704B Miscellaneous Receipts Excise Taxes Individual Income Taxes Other Corporation Income Taxes Social Insurance and Retirement Receipts Figure 6. Monthly Receipts of the U.S. Government, by Source, Fiscal Years 2020 and 2021 2020 2021 $550B $500B $450B $400B $350B $300B $250B $200B Receipt Am ount $150B $100B $50B $0B J u l O c t O c t A p r J a n J a n J u n F e b F e b M a r N o v D e c N o v D e c A u g S e p M a y Miscellaneous Receipts Excise Taxes Individual Income Taxes Other Corporation Income Taxes Social Insurance and Retirement Receipts "Other" Includes: Customs Duties and Estate and Gift Taxes *Disclaimer: Other category is subject to change due to negative balances held. Note: Details may not add to totals due to rounding 7 Source data: Table 9 Figure 7.
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