Highlights
The Treasury deficit in March came in about as expected at $188.2 billion. Half way through the fiscal year, the government's deficit is $829.4 billion for a year-on-year deepening of more than 15 percent. Outlays are running nearly 11 percent higher this fiscal year and, in a special item for March, include $5.9 billion for housing and economic recovery programs. Net interest expense, up 10 percent this fiscal year, shows the most pressure of the outlay side. Growth in receipts is only seven percent but individual taxes, up 21 percent, are a special strength.

Market Consensus before announcement
The U.S. Treasury monthly budget report showed a seasonal worsening in the deficit in February to $222.5 billion from a shortfall of $49.8 billion in January. Five months into the 2011 fiscal year, the government's deficit stands at $641.3 billion. February's gap of $222.5 billion was slightly larger than the $220.9 billion gap in February last year. There are no special factors in the February data. Looking ahead, the month of March typically shows a deficit for the month. Over the past 10 years, the average deficit for the month of March has been $77.5 billion and $98.6 billion over the past 5 years. The March 2010 deficit came in at $65.4 billion.

2011 Release Schedule

Released On: 1/12 2/10 3/10 4/12 5/11 6/10 7/13 8/10 9/13 10/14 11/10 12/12 Release For: Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov