2018 Economic Calendar
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Treasury Budget  
Released On 1/11/2018 2:00:00 PM For Dec, 2017
PriorConsensusConsensus RangeActual
Treasury Budget - Level$-138.5 B$-36.0 B$-54.0 B to $-23.0 B$-23.2 B

The Treasury's deficit was increasing at the time tax cuts take effect. December's deficit came to $23.2 billion which is lower than expected but still enough to make for a 7.2 percent deepening to $225.0 billion three months into the government's fiscal 2018 year.

The income side of the balance sheet, up a year-to-date 3.9 percent to $769.5 billion, is already showing an 18.1 percent decline in corporate taxes ($62.1 billion vs $75.7 billion) that is an offset to a 10.8 percent increase in individual taxes ($390.8 billion vs $352.8 billion). It will interesting to watch the effect of the tax changes unfold through the year.

The outlays side, up 4.6 percent to $994.5 billion, shows a year-to-date 5.9 percent increase in defense spending ($166.2 billion vs $157.0 billion), a 3.4 percent increase in Social Security ($239.2 billion vs $231.4 billion), and a 15.6 percent increase in net interest ($84.0 billion vs 72.7 billion).

Consensus Outlook
Two months into fiscal 2018, the Treasury's deficit was $201.8 billion or 10.6 percent deeper than two months into fiscal 2017. The deficit for the month of December is expected to come in at $36.0 billion.

The U.S. Treasury releases a monthly account of the surplus or deficit of the federal government. Changes in the budget balance reflect Federal policy on spending and taxation. The government's fiscal year begins in October.  Why Investors Care
The federal budget balance is not seasonally adjusted. Consequently, it is useful to compare the current month's budget deficit or surplus to the same month for a couple of years. Some months are known to have large surpluses because quarterly estimated tax payments are received by the government.
Data Source: Haver Analytics

2018 Release Schedule
Released On: 1/112/123/124/115/106/127/128/109/1310/1511/1312/12
Release For: DecJanFebMarAprMayJunJulAugSepOctNov

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