Office of Management and Budget Click to print this document

FOR IMMEDIATE RELEASE
  October 11, 2007
Contact Treasury: Jennifer Zuccarelli, (202) 622-8657 
                OMB: Sean Kevelighan, (202) 395-7254 
 To view the release: http://www.treas.gov/press/releases/hp603.htm

Joint Statement of
Henry M. Paulson, Jr., Secretary of the Treasury,
And Jim Nussle, Director of the Office of Management and Budget,
on Budget Results for Fiscal Year 2007

SUMMARY

The Administration today released the September 2007 Monthly Treasury Statement of Receipts and Outlays of the United States Government.  The statement shows the actual budget totals for the fiscal year that ended September 30, 2007, as follows:

Table 1. TOTAL RECEIPTS, OUTLAYS AND SURPLUS/DEFICIT (-)
(in billions of dollars)

  Receipts Outlays Surplus/Deficit (-)
2006 Actual................................... 2,407 2,655 -248
FY 2007 Estimates:
        FY 2008 Budget................... 
2,540 2,784 -244
FY 2008 Mid-Session Review... 2,574 2,779 -205
Actual.............................................. 2,568 2,731 -163

The FY 2007 unified deficit was $163 billion, or an estimated 1.2 percent of the Gross Domestic Product (GDP).  At this level, the deficit is half of the 40-year average of 2.4 percent of GDP.  The deficit for FY 2007 was $42 billion lower than projected in July in the Mid-Session Review (MSR) because outlays were $48 billion lower than expected and receipts were $6 billion lower than expected.  The deficit was also $81 billion lower than projected last February in the FY 2008 Budget, with receipts coming in $28 billion higher and outlays $54 billion lower than projected.

Overall, receipts in FY 2007 were 6.7 percent higher than in FY 2006, marking the third consecutive year in which receipt growth outpaced growth in GDP.  Receipts rose from 18.5 percent of GDP in FY 2006 to 18.8 percent of GDP in FY 2007.  This level of receipts is above the 40-year historical average of 18.3 percent.

Outlays for FY 2007 grew by $76 billion, or 2.8 percent, from last year, representing the smallest percentage growth in outlays in 10 years.  The increase was driven by growth in the Departments of Defense and Health and Human Services and the Social Security Administration.  Overall, outlays decreased as a percent of GDP, from 20.4 percent in FY 2006 to 20.0 percent in FY 2007.  This spending level is below the 40-year historical average of 20.6 percent.

RECEIPTS

Total receipts for FY 2007 were $2,568 billion, $6 billion lower than the MSR estimate of $2,574 billion.  Table 2 displays actual receipts and estimates from the Budget and MSR by source.

OUTLAYS

Total outlays were $2,731 billion, $48 billion below the MSR estimate.  Outlays for nearly all agencies were lower than MSR estimates, with the largest differences in the Departments of Defense, Health and Human Services, and Homeland Security.  Table 3 displays actual outlays by agency and major program as well as estimates from the Budget and the MSR.  The largest changes in outlays from the MSR were in the following areas:

-30-


Return to this article at:
/omb/pubpress/2007/101107_joint_statement.html

Click to print this document