Government Receipts and Expenditures
Fourth Quarter of 2024
Net government saving, the difference between current receipts and current expenditures in the federal government and state and local governments, was −$1,931.6 billion in the fourth quarter of 2024, increasing $54.1 billion from −$1,985.7 billion in the third quarter of 2024 (charts 1 and 2 and table 1).
“Net lending or net borrowing (−)” is an alternative measure of the government fiscal position. Net borrowing is the financing requirement of the government sector, and it is derived as net government saving plus the consumption of fixed capital and net capital transfers received less gross investment and net purchases of nonproduced assets.
Net borrowing was $2,256.9 billion in the fourth quarter, decreasing $65.1 billion from $2,322.0 billion in the third quarter (charts 3 and 4 and table 1).
| Line | Level | Change from preceding quarter | ||||
|---|---|---|---|---|---|---|
| 2024 | 2024 | |||||
| Q4 | Q1 | Q2 | Q3 | Q4 | ||
| 1 | Current receipts | 8,166.2 | 56.7 | −127.8 | 56.9 | 46.5 |
| 2 | Current expenditures | 10,097.9 | 166.4 | −112.4 | 72.3 | −108.2 |
| 3 | Net government saving | −1,931.6 | −109.7 | −15.4 | −15.4 | 154.7 |
| 4 | Federal | −1,885.7 | −40.5 | 9.2 | −91.8 | 180.5 |
| 5 | State and local | −45.9 | −69.2 | −24.6 | 76.5 | −26.0 |
| 6 | Net lending or net borrowing (–) | −2,256.9 | −247.8 | −37.7 | −30.9 | 197.8 |
| 7 | Federal | −2,179.5 | −200.7 | −18.8 | −108.6 | 143.6 |
| 8 | State and local | −77.4 | −47.1 | −18.9 | 77.8 | 54.0 |
U.S. Bureau of Economic Analysis
Net federal government saving was −$1,885.7 billion in the fourth quarter, increasing $43.2 billion from −$1,928.9 billion in the third quarter (table 2). In the fourth quarter, current receipts accelerated, and current expenditures decelerated.
Federal government net borrowing was $2,179.5 billion in the fourth quarter, increasing $24.7 billion from $2,154.8 billion in the third quarter.
- Personal current taxes (line 3) accelerated in the fourth quarter, increasing $36.3 billion after increasing $23.3 billion in the third quarter. Withheld taxes accelerated, increasing $30.6 billion after increasing $10.9 billion in the third quarter.
- Taxes on productions and imports (line 4) decelerated in the fourth quarter, increasing $1.1 billion after increasing $9.0 billion in the third quarter. Customs duties decelerated, increasing $1.3 billion after increasing $7.1 billion, reflecting the volume of imports. Excise taxes turned down driven by a downturn in taxes on tobacco.
- Taxes on corporate income (line 5) turned up in the fourth quarter, increasing $19.0 billion after decreasing $0.3 billion in the third quarter.
- Contributions for government social insurance (line 7) accelerated in the fourth quarter, increasing $20.5 billion after increasing $7.0 billion in the third quarter, reflecting the pattern of wages.
- Current transfer receipts (line 9) accelerated in the fourth quarter, increasing $24.6 billion after increasing $10.3 billion in the third quarter, primarily reflecting an upturn in fines and settlements paid by domestic businesses.
- Consumption expenditures (line 12) decelerated, increasing $24.2 billion in the fourth quarter after increasing $36.3 billion in the third quarter, reflecting a deceleration in national defense consumption expenditures. The deceleration in national defense consumption expenditures was driven by a downturn in nondurable goods and a deceleration in spending for defense services. Nondefense consumption expenditures accelerated slightly.
- Government social benefits to persons (line 17) accelerated in the fourth quarter, increasing $44.8 billion after increasing $40.7 billion in the third quarter, reflecting an acceleration in Medicare and Social Security benefits.
- Grants-in-aid to state and local governments (line 20) turned down in the fourth quarter, decreasing $0.5 billion after increasing $32.5 billion in the third quarter, reflecting a downturn in grants for education programs as well as grants for welfare and social services.
- “Other current transfer payments” to the rest of the world (line 21) turned down in the fourth quarter, decreasing $19.8 billion after increasing $58.9 billion in the third quarter, reflecting a decrease in aid to Ukraine.
- Interest payments (line 22) decelerated in the fourth quarter, increasing $7.4 billion after increasing $20.2 billion in the third quarter, reflecting a deceleration in interest paid on public issues of debt. Interest paid on treasury bills turned down.
- Subsidies (line 23) turned up in the fourth quarter, increasing $1.4 billion after decreasing $1.6 billion in the third quarter. The upturn was more than accounted for by disaster-related subsidies.
- Capital transfer payments (line 33) accelerated in the fourth quarter, increasing $67.2 billion after increasing $18.9 billion in the third quarter. Capital transfers to state and local governments accelerated, reflecting an acceleration in U.S Environmental Protection Agency (EPA) investments in clean water and pollution abatement.
| Line | Level | Change from preceding quarter | ||||
|---|---|---|---|---|---|---|
| 2024 | 2024 | |||||
| Q4 | Q1 | Q2 | Q3 | Q4 | ||
| 1 | Current receipts | 5,224.2 | 20.1 | −52.0 | 3.9 | 50.8 |
| 2 | Current tax receipts | 3,167.5 | 45.4 | −28.8 | −16.7 | 24.3 |
| 3 | Personal current taxes | 2,435.0 | 52.2 | −54.6 | 4.0 | 13.0 |
| 4 | Taxes on production and imports | 182.5 | 10.8 | −12.7 | 13.8 | −7.9 |
| 5 | Taxes on corporate income | 512.1 | −17.8 | 38.4 | −33.8 | 19.3 |
| 6 | Taxes from the rest of the world | 38.0 | 0.2 | 0.1 | −0.7 | 0.0 |
| 7 | Contributions for government social insurance | 1,896.9 | 9.7 | −22.6 | 1.7 | 13.5 |
| 8 | Income receipts on assets | 65.5 | −15.2 | 4.1 | −5.5 | −0.6 |
| 9 | Current transfer receipts | 102.0 | −19.9 | −5.5 | 21.8 | 14.3 |
| 10 | Current surplus of government enterprises | −7.7 | 0.1 | 0.8 | 2.6 | −0.7 |
| 11 | Current expenditures | 7,109.9 | 60.6 | −61.2 | 95.7 | −129.7 |
| 12 | Consumption expenditures | 1,446.9 | 10.0 | −1.4 | 17.3 | −12.1 |
| 13 | National defense | 866.5 | 0.9 | 4.8 | 14.6 | −12.2 |
| 14 | Nondefense | 580.4 | 9.1 | −6.2 | 2.7 | 0.1 |
| 15 | Current transfer payments | 4,445.0 | 74.3 | −53.2 | 87.0 | −108.1 |
| 16 | Government social benefits | 3,363.0 | 88.4 | −63.2 | −1.6 | 3.8 |
| 17 | To persons | 3,328.6 | 87.9 | −63.5 | −1.3 | 4.1 |
| 18 | To the rest of the world | 34.4 | 0.5 | 0.3 | −0.2 | −0.5 |
| 19 | Other current transfer payments | 1,082.0 | −14.4 | 10.3 | 88.5 | −111.9 |
| 20 | Grants-in-aid to state and local governments | 981.1 | −26.2 | 8.5 | 24.4 | −33.0 |
| 21 | To the rest of the world | 100.9 | 11.8 | 1.8 | 64.0 | −78.7 |
| 22 | Interest payments | 1,124.4 | −25.7 | −7.1 | −9.3 | −12.8 |
| 23 | Subsidies | 93.5 | 2.3 | 0.4 | 0.8 | 3.0 |
| 24 | Net federal government saving | −1,885.7 | −40.5 | 9.2 | −91.8 | 180.5 |
| 25 | Social insurance funds | −723.9 | −28.3 | 12.1 | −2.9 | 8.1 |
| 26 | Other | −1,161.7 | −12.2 | −2.9 | −89.0 | 172.7 |
| Addenda: | ||||||
| 27 | Total receipts | 5,254.7 | 18.0 | −49.9 | 1.9 | 53.3 |
| 28 | Current receipts | 5,224.2 | 20.1 | −52.0 | 3.9 | 50.8 |
| 29 | Capital transfer receipts | 30.6 | −2.1 | 2.0 | −1.8 | 2.5 |
| 30 | Total expenditures | 7,434.3 | 218.8 | −31.3 | 110.7 | −90.4 |
| 31 | Current expenditures | 7,109.9 | 60.6 | −61.2 | 95.7 | −129.7 |
| 32 | Gross government investment | 477.8 | −11.0 | 19.3 | 2.0 | −8.0 |
| 33 | Capital transfer payments | 253.4 | 173.4 | 12.4 | 11.4 | 48.3 |
| 34 | Net purchases of nonproduced assets | 0.0 | −4.0 | −0.7 | 1.9 | −0.6 |
| 35 | Less: Consumption of fixed capital | 406.8 | −0.2 | 1.1 | 0.4 | 0.4 |
| 36 | Net lending or net borrowing (–) | −2,179.5 | −200.7 | −18.8 | −108.6 | 143.6 |
U.S. Bureau of Economic Analysis
Net state and local government saving was −$45.9 billion in the fourth quarter, increasing $10.8 billion from −$56.7 billion in the third quarter. In the fourth quarter, current receipts and current expenditures decelerated (table 3).
Net borrowing was $77.4 billion in the fourth quarter, decreasing $89.7 billion from $167.1 billion in the third quarter.
- Personal current taxes (line 3) decelerated in the fourth quarter, increasing $15.0 billion after increasing $25.5 billion in the third quarter, reflecting a deceleration in state personal income taxes.
- Taxes on production and imports (line 4) accelerated in the fourth quarter, increasing $27.2 billion after increasing $12.2 billion in the third quarter, reflecting an upturn in sales taxes and excise taxes.
- Taxes on corporate income (line 5) turned up in the fourth quarter, increasing $1.6 billion after decreasing $1.4 billion in the third quarter.
- Federal grants-in-aid (line 9) turned down in the fourth quarter, decreasing $0.5 billion after increasing $32.5 billion in the third quarter, reflecting a downturn in grants for education programs as well as for welfare and social services.
- “Other current transfer receipts” (line 10) turned down in the fourth quarter, decreasing $3.5 billion after increasing $7.4 billion in the third quarter. Current transfer receipts from business turned down in the fourth quarter; third-quarter receipts were boosted by a fine paid by a business to the state of Texas.
- Capital transfer receipts (line 22) accelerated in the fourth quarter, increasing $89.7 billion after increasing $9.0 billion in the third quarter, reflecting an acceleration in capital grants paid by the federal government. The acceleration in federal capital grants reflected an acceleration in EPA investments in clean water and pollution abatement.
- Consumption expenditures (line 13) decelerated in the fourth quarter, increasing $24.9 billion after increasing $29.3 billion in the third quarter, reflecting an acceleration in sales to “other sectors,” specifically related to hospitals.
- Government social benefits (line 14) decelerated in the fourth quarter, increasing $8.5 billion after increasing $17.1 billion in the third quarter, more than accounted for by a downturn in disaster-related benefits.
| Line | Level | Change from preceding quarter | ||||
|---|---|---|---|---|---|---|
| 2024 | 2024 | |||||
| Q4 | Q1 | Q2 | Q3 | Q4 | ||
| 1 | Current receipts | 3,923.1 | 10.5 | −67.4 | 77.4 | −37.3 |
| 2 | Current tax receipts | 2,656.3 | −10.5 | 18.3 | 0.5 | 7.5 |
| 3 | Personal current taxes | 670.5 | −9.2 | 23.1 | 5.0 | −10.5 |
| 4 | Taxes on production and imports | 1,821.7 | −3.8 | 5.0 | −9.3 | 15.0 |
| 5 | Taxes on corporate income | 164.2 | 2.5 | −9.9 | 5.0 | 3.0 |
| 6 | Contributions for government social insurance | 27.6 | 0.6 | −0.5 | −0.9 | −0.7 |
| 7 | Income receipts on assets | 97.1 | −0.4 | −0.5 | 0.4 | 0.3 |
| 8 | Current transfer receipts | 1,174.1 | 20.8 | −84.9 | 77.0 | −43.9 |
| 9 | Federal grants-in-aid | 981.1 | −26.2 | 8.5 | 24.4 | −33.0 |
| 10 | Other | 192.8 | 46.9 | −93.2 | 52.5 | −10.9 |
| 11 | Current surplus of government enterprises | −32.0 | −0.1 | 0.2 | 0.2 | −0.2 |
| 12 | Current expenditures | 3,969.1 | 79.7 | −42.7 | 0.8 | −11.3 |
| 13 | Consumption expenditures | 2,549.9 | 25.7 | −15.0 | 6.3 | −4.4 |
| 14 | Government social benefits | 1,162.5 | 60.9 | −29.1 | −6.3 | −8.6 |
| 15 | Interest payments | 255.9 | −6.8 | 1.1 | 1.1 | 1.5 |
| 16 | Subsidies | 0.7 | 0.0 | 0.0 | 0.0 | 0.0 |
| 17 | Net state and local government saving | −45.9 | −69.2 | −24.6 | 76.5 | −26.0 |
| 18 | Social insurance funds | 4.2 | 0.8 | −0.7 | −0.8 | −1.0 |
| 19 | Other | −50.1 | −69.8 | −24.2 | 77.6 | −25.1 |
| Addenda: | ||||||
| 20 | Total receipts | 4,124.0 | 14.4 | −67.0 | 84.3 | 43.5 |
| 21 | Current receipts | 3,923.1 | 10.5 | −67.4 | 77.4 | −37.3 |
| 22 | Capital transfer receipts | 200.8 | 3.9 | 0.4 | 6.9 | 80.7 |
| 23 | Total expenditures | 4,201.4 | 61.3 | −48.0 | 6.6 | −10.7 |
| 24 | Current expenditures | 3,969.1 | 79.7 | −42.7 | 0.8 | −11.3 |
| 25 | Gross government investment | 625.1 | −17.4 | −6.6 | 4.4 | −3.0 |
| 26 | Capital transfer payments | ... | ... | ... | ... | ... |
| 27 | Net purchases of nonproduced assets | 15.3 | −0.1 | 0.0 | 0.0 | 0.0 |
| 28 | Less: Consumption of fixed capital | 418.1 | 0.8 | −1.3 | 2.6 | −1.6 |
| 29 | Net lending or net borrowing (–) | −77.4 | −47.1 | −18.9 | 77.8 | 54.0 |
... Data not available
U.S. Bureau of Economic Analysis
