Government Receipts and Expenditures
Third Quarter of 2024
Net government saving, the difference between current receipts and current expenditures in the federal government and state and local governments, was −$1,977.2 billion in the third quarter of 2024, decreasing $92.1 billion from −$1,885.1 billion in the second quarter of 2024 (charts 1 and 2 and table 1).
“Net lending or net borrowing (−)” plus the consumption of fixed capital and net capital transfers received less gross investment and net purchases of nonproduced assets.
Net borrowing was $2,313.5 billion in the third quarter, increasing $124.2 billion from $2,189.3 billion in the second quarter (charts 3 and 4 and table 1).
| Line | Level | Change from preceding quarter | ||||
|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | ||||
| Q3 | Q4 | Q1 | Q2 | Q3 | ||
| 1 | Current receipts | 8,033.4 | 109.1 | 165.7 | 37.9 | 103.3 |
| 2 | Current expenditures | 10,010.6 | 69.2 | 235.5 | 123.1 | 195.4 |
| 3 | Net government saving | −1,977.2 | 39.9 | −69.8 | −85.2 | −92.1 |
| 4 | Federal | −1,920.5 | −14.2 | −54.7 | −45.5 | −128.9 |
| 5 | State and local | −56.7 | 54.1 | −15.1 | −39.7 | 36.8 |
| 6 | Net lending or net borrowing (−) | −2,313.5 | 183.7 | −64.1 | −101.8 | −124.2 |
| 7 | Federal | −2,146.3 | 159.8 | −40.9 | −59.7 | −159.8 |
| 8 | State and local | −167.1 | 23.9 | −23.2 | −42.1 | 35.7 |
U.S. Bureau of Economic Analysis
Net federal government saving was −$1,920.5 billion in the third quarter, decreasing $128.9 billion from −$1,791.6 billion in the second quarter (table 2). In the third quarter, current receipts and current expenditures accelerated relative to the second quarter.
Federal government net borrowing was $2,146.3 billion in the third quarter, increasing $159.8 billion from $1,986.5 billion in the second quarter.
- Personal current taxes (line 3) accelerated in the third quarter, increasing $24.7 billion after increasing $19.3 billion in the second quarter, reflecting an upturn in withheld taxes.
- Taxes on production and imports (line 4) turned up in the third quarter, increasing $9.0 billion after decreasing $4.8 billion in the second quarter, reflecting an upturn in customs duties.
- Taxes on corporate income (line 5) turned down in the third quarter, decreasing $0.3 billion after increasing $33.5 billion in the second quarter, reflecting the pattern of profits.
- Contributions for government social insurance (line 7) accelerated in the third quarter, increasing $14.0 billion after increasing $5.3 billion in the second quarter, reflecting the pattern of wages.
- Income receipts on assets (line 8) turned down in the third quarter, decreasing $0.6 billion after increasing $4.9 billion in the second quarter, reflecting a downturn in dividends received from Federal Reserve banks.
- Current transfer receipts (line 9) turned up in the third quarter, increasing $10.3 billion after decreasing $11.5 billion in the second quarter, primarily reflecting a special assessment collected by the Federal Deposit Insurance Corporation. The special assessment, which is expected to be collected over several quarters, will recover the losses to the Deposit Insurance Fund associated with protecting uninsured depositors following the closures of Silicon Valley Bank and Signature Bank.
- Consumption expenditures (line 12) accelerated in the third quarter, increasing $36.3 billion after increasing $19.0 billion in the second quarter, reflecting an acceleration in national defense consumption expenditures (line 13). The acceleration in national defense consumption expenditures reflects an upturn in defense purchases of nondurable goods and accelerations in defense purchases of both durable goods and services.
- Government social benefits (line 16) decelerated in the third quarter, increasing $41.2 billion after increasing $42.8 billion in the second quarter. The deceleration in the third quarter reflects a downturn in Affordable Care Act (ACA) refundable tax credits, reflecting the pattern of enrollments in ACA plans. Medicare and Supplemental Nutritional Assistance Program benefits accelerated, partially offsetting the downturn in ACA refundable tax credits.
- Grants-in-aid to state and local governments (line 20) accelerated in the third quarter, increasing $32.5 billion after increasing $8.1 billion in the second quarter, reflecting an upturn in income security grants and an acceleration in Medicaid grants.
- "Other current transfer payments to the rest of the world” (line 21) turned up in the third quarter. Transfers were boosted $14.7 billion ($58.9 billion at an annual rate), primarily for aid to Ukraine.
- Interest payments (line 22) decelerated in the third quarter, increasing $20.2 billion after increasing $29.5 billion in the second quarter, reflecting a deceleration in interest paid on public issues of debt.
- Capital transfer payments (line 34) accelerated in the third quarter, increasing $18.9 billion after increasing $7.5 billion in the second quarter, reflecting an increase in National Flood Insurance settlements for Hurricane Helene. The acceleration is partially offset by a downturn in student loan forgiveness.
| Line | Level | Change from preceding quarter | ||||
|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | ||||
| Q3 | Q4 | Q1 | Q2 | Q3 | ||
| 1 | Current receipts | 5,131.7 | 78.2 | 98.3 | 46.3 | 58.7 |
| 2 | Current tax receipts | 3,112.4 | 32.3 | 77.7 | 48.9 | 33.6 |
| 3 | Personal current taxes | 2,400.1 | 21.7 | 73.9 | 19.3 | 24.7 |
| 4 | Taxes on production and imports | 181.4 | −2.9 | 7.9 | −4.8 | 9.0 |
| 5 | Taxes on corporate income | 493.1 | 12.9 | −4.9 | 33.5 | −0.3 |
| 6 | Taxes from the rest of the world | 37.8 | 0.6 | 0.8 | 0.9 | 0.2 |
| 7 | Contributions for government social insurance | 1,883.5 | 18.2 | 27.9 | 5.3 | 14.1 |
| 8 | Income receipts on assets | 66.7 | 16.0 | 0.8 | 4.9 | −0.6 |
| 9 | Current transfer receipts | 77.4 | 13.9 | −6.0 | −11.5 | 10.3 |
| 10 | Current surplus of government enterprises | −8.3 | −2.2 | −2.1 | −1.3 | 1.3 |
| 11 | Current expenditures | 7,052.1 | 92.4 | 153.0 | 91.8 | 187.5 |
| 12 | Consumption expenditures | 1,422.7 | 10.4 | 20.4 | 19.0 | 36.3 |
| 13 | National defense | 851.2 | 7.2 | 8.1 | 12.9 | 27.5 |
| 14 | Nondefense | 571.5 | 3.2 | 12.3 | 6.1 | 8.8 |
| 15 | Current transfer payments | 4,420.4 | 24.6 | 98.9 | 45.7 | 132.7 |
| 16 | Government social benefits | 3,318.0 | 17.6 | 106.0 | 42.8 | 41.2 |
| 17 | To persons | 3,283.8 | 17.6 | 105.5 | 42.0 | 40.7 |
| 18 | To the rest of the world | 34.3 | 0.0 | 0.5 | 0.8 | 0.6 |
| 19 | Other current transfer payments | 1,102.4 | 7.1 | −7.3 | 3.0 | 91.5 |
| 20 | Grants-in-aid to state and local governments | 981.6 | 25.8 | −0.4 | 8.1 | 32.5 |
| 21 | To the rest of the world | 120.7 | −18.7 | −6.9 | −5.1 | 58.9 |
| 22 | Interest payments | 1,117.0 | 62.3 | 36.6 | 29.5 | 20.2 |
| 23 | Subsidies | 92.1 | −5.1 | −2.8 | −2.4 | −1.6 |
| 24 | Net federal government saving | −1,920.5 | −14.2 | −54.7 | −45.5 | −128.9 |
| 25 | Social insurance funds | −694.8 | −11.0 | −39.3 | −27.2 | −23.0 |
| 26 | Other | −1,225.7 | −3.2 | −15.4 | −18.3 | −105.9 |
| Addenda: | ||||||
| 27 | Total receipts | 5,161.8 | 78.1 | 96.1 | 46.2 | 56.6 |
| 28 | Current receipts | 5,131.7 | 78.2 | 98.3 | 46.3 | 58.7 |
| 29 | Capital transfer receipts | 30.1 | −0.1 | −2.2 | −0.2 | −2.0 |
| 30 | Total expenditures | 7,308.2 | −81.7 | 137.1 | 105.8 | 216.5 |
| 31 | Current expenditures | 7,052.1 | 92.4 | 153.0 | 91.8 | 187.5 |
| 32 | Gross government investment | 470.8 | 4.7 | −6.3 | 13.0 | 15.0 |
| 33 | Capital transfer payments | 186.2 | −178.3 | −4.9 | 7.5 | 18.9 |
| 34 | Net purchases of nonproduced assets | −0.3 | 3.7 | −0.3 | −1.0 | 0.9 |
| 35 | Less: Consumption of fixed capital | 400.6 | 4.5 | 4.3 | 5.4 | 5.8 |
| 36 | Net lending or net borrowing (−) | −2,146.3 | 159.8 | −40.9 | −59.7 | −159.8 |
U.S. Bureau of Economic Analysis
Net state and local government saving was −$56.7 billion in the third quarter, increasing $36.8 billion from −$93.5 billion in the second quarter. In the third quarter, current receipts turned up and current expenditures accelerated relative to the second quarter (table 3).
In the third quarter, net borrowing was $167.1 billion, decreasing $35.7 billion from $202.8 billion in the second quarter.
- Personal current taxes (line 3) accelerated in the third quarter, increasing $25.5 billion after increasing $20.5 billion, reflecting an acceleration in personal income taxes.
- Taxes on production and imports (line 4) decelerated in the third quarter, increasing $12.2 billion after increasing $21.5 billion in the second quarter, reflecting a downturn in state sales taxes.
- Taxes on corporate income (line 5) decreased less in the third quarter, decreasing $1.4 billion after decreasing $6.4 billion in the second quarter.
- Federal grants-in-aid (line 9) accelerated in the third quarter, increasing $32.5 billion after increasing $8.1 billion in the second quarter, reflecting an upturn in income security grants and an acceleration in Medicaid grants.
- “Other current transfer receipts” (line 10) turned up in the third quarter, increasing $7.4 billion after decreasing $45.1 billion in the second quarter. The third quarter includes a $1.4 billion ($5.6 billion at an annual rate) fine paid by Meta to the state of Texas for violations of privacy laws.
- Consumption expenditures (line 13) accelerated in the third quarter, increasing $29.3 billion after increasing $23.0 billion in the second quarter, reflecting a smaller decrease in spending on nondurable goods, specifically petroleum. In addition, spending on education compensation accelerated.
- Government social benefits (line 14) decelerated in the third quarter, increasing $17.1 billion after increasing $23.4 billion in the second quarter, reflecting a deceleration in Medicaid benefits.
- Capital transfer receipts (line 26) accelerated in the third quarter, increasing $9.0 billion after increasing $2.1 billion in the second quarter, reflecting an increase in National Flood Insurance settlements for Hurricane Helene.
| Line | Level | Change from preceding quarter | ||||
|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | ||||
| Q3 | Q4 | Q1 | Q2 | Q3 | ||
| 1 | Current receipts | 3,883.3 | 56.6 | 67.1 | −0.3 | 77.1 |
| 2 | Current tax receipts | 2,612.6 | 27.9 | 17.4 | 35.7 | 36.2 |
| 3 | Personal current taxes | 655.5 | 6.6 | −2.6 | 20.5 | 25.5 |
| 4 | Taxes on production and imports | 1,794.5 | 20.3 | 16.5 | 21.5 | 12.2 |
| 5 | Taxes on corporate income | 162.6 | 1.0 | 3.5 | −6.4 | −1.4 |
| 6 | Contributions for government social insurance | 27.5 | 1.6 | 2.2 | 1.7 | 0.8 |
| 7 | Income receipts on assets | 97.0 | 0.3 | −0.1 | −0.6 | −0.2 |
| 8 | Current transfer receipts | 1,178.1 | 27.0 | 47.8 | −37.1 | 39.9 |
| 9 | Federal grants-in-aid | 981.6 | 25.8 | −0.4 | 8.1 | 32.5 |
| 10 | Other | 196.5 | 1.2 | 48.1 | −45.1 | 7.4 |
| 11 | Current surplus of government enterprises | −32.0 | −0.1 | −0.2 | 0.0 | 0.2 |
| 12 | Current expenditures | 3,940.1 | 2.5 | 82.2 | 39.5 | 40.3 |
| 13 | Consumption expenditures | 2,525.0 | 12.3 | 38.0 | 23.0 | 29.3 |
| 14 | Government social benefits | 1,154.0 | −8.4 | 52.5 | 23.4 | 17.1 |
| 15 | Interest payments | 260.4 | −1.4 | −8.2 | −7.1 | −6.0 |
| 16 | Subsidies | 0.7 | 0.0 | 0.0 | 0.0 | 0.0 |
| 17 | Net state and local government saving | −56.7 | 54.1 | −15.1 | −39.7 | 36.8 |
| 18 | Social insurance funds | 4.5 | 1.4 | 2.2 | 1.5 | 0.7 |
| 19 | Other | −61.2 | 52.6 | −17.2 | −41.4 | 36.2 |
| Addenda: | ||||||
| 20 | Total receipts | 3,994.4 | 54.4 | 68.8 | 1.8 | 86.1 |
| 21 | Current receipts | 3,883.3 | 56.6 | 67.1 | −0.3 | 77.1 |
| 22 | Capital transfer receipts | 111.1 | −2.2 | 1.7 | 2.1 | 9.0 |
| 23 | Total expenditures | 4,161.6 | 30.6 | 91.9 | 43.9 | 50.5 |
| 24 | Current expenditures | 3,940.1 | 2.5 | 82.2 | 39.5 | 40.3 |
| 25 | Gross government investment | 616.6 | 31.1 | 13.7 | 7.1 | 11.5 |
| 26 | Capital transfer payments | … | … | … | … | … |
| 27 | Net purchases of nonproduced assets | 15.4 | 0.0 | −0.1 | −0.1 | −0.1 |
| 28 | Less: Consumption of fixed capital | 414.5 | 3.1 | 3.9 | 2.6 | 5.2 |
| 29 | Net lending or net borrowing (−) | −167.1 | 23.9 | −23.2 | −42.1 | 35.7 |
... Data not available
U.S. Bureau of Economic Analysis
