US September Budget Surplus Largest than Expected
The US budget surplus narrowed sharply to USD 8.0 billion in September 2017 from USD 33.4 billion in the same month of the previous year, but above market expectations of USD 6.0 billion.
In September 2017, outlays jumped 5 percent year-on-year and totaled USD 341 billion, as social security accounted for USD 80 billion, defense for USD 57 billion, Medicare for USD 78 billion and interest on debt for USD 12 billion. Other outlays accounted for the remaining USD 138 billion. Meanwhile, receipts decreased 2 percent to USD 349 billion as individual income taxes accounted for USD 165 billion, social security and other payroll taxes for USD 96 billion, corporate income taxes for USD 63 billion and other taxes and duties for the remaining USD 24 billion.
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When accounting for calendar adjustments, the surplus was USD 61 billion compared with an adjusted surplus of USD 73 billion the prior year.
In the fiscal year 2017, the budget deficit widened to USD 666 billion, or 3.5 percent of GDP, from USD 586 billion, or 3.2 percent of GDP, in the previous fiscal year. Spending rose 3 percent to an all-time high of USD 3.981 trillion, while revenues increased at a slower 1 percent to a record USD 3.315 trillion. Accounting for calendar adjustments, the 2017 fiscal year deficit was USD 644 billion compared with USD 546 billion the prior year.