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UNITED STATES DEPARTMENT OF COM MERCE m m == :,=~ ==■ == B U R E A U OF E C O N O M I C ANALYSIS = ===== ~~■-.^ WASHINGTON, D.C. 20230 F O R WIR E T R A N S M I S S I O N 10:30 A.M. WEDN E S D A Y , Joseph C. Wakefield AUGUST 523-0715 20, 1980 BEA 80-49 Federal D e f i c i t Increases in Second Quarter 1980 The federal d e f i c i t , as measured in the national income and product accounts (NIPA's), increased $25,1 b i l l i o n in the second quarter o f 1980 as federal government r e c e i p t s decline d and expenditures increased, according to the Bureau o f Economic Analysis o f the U.S. Department of Commerce. The second-quarter d e f i c i t was $48.0 b i l l i o n a t a s e a s o n a ll y adjusted annual r a t e , compared with a d e f i c i t o f $22.9 b i l l i o n in the f i r s t quarter. Receipts declined $7.0 b i l l i o n to $531.4 b i l l i o n . Corporate p r o f i t s tax accruals declined $19.5 b i l l i o n , r e f l e c t i n g a large drop in corporate book p r o f i t s . I nd ir e ct business tax and nontax r e c e i p t s increased $9.2 b i l l i o n , due to an increase in the windfall p r o f i t s t a x , which was in e f f e c t for the f i r s t f u l l quarter. Personal tax and nontax r e c e i p t s increased $3.3 b i l l i o n ; contribu tio ns fo r s o c i a l insurance were unchanged. Expenditures increased $18.2 b i l l i o n to $579.5 b i l l i o n . Transfer payments to persons increased $6.3 b i l l i o n , la r g e l y because o f a $4.4 b i l l i o n incr ease in unemployment b e n e f i t s . Defense purchases increased $4.5 b i l l i o n . Net i n t e r e s t paid increased $3.8 b i l l i o n . Nondefense purchases increased $2.6 b i l l i o n , including $1.2 b i l l i o n for net purchases o f ag r ic u lt u ra l commodities fo r price-support programs. Subsidies l e s s the current surplus o f government e n te r p r is e s increased $0.9 b i l l i o n ; grants in aid to s t a t e and loc al governments were unchanged. The NIPA statement o f government r e c e i p t s and expenditures c alc u la te d by BEA i s integr ated conceptually and s t a t i s t i c a l l y with the r e s t o f the national income and product accounts. I t d i f f e r s in several res pec ts from FEDERAL GOVER (\^fc\IT B U R E A U OF E C O N O M I C ANALYSIS D EXPENDITURES R E C E IP T ^ ^ IC ^ B i l l i o n s of dollars) 1979 II R e c e ip t s Personal tax and nontax receipts Corporate profits tax accruals Indirect business tax and nontax accruals Contributions for social insurance E x p e n d itu r e s Purchases of goods and services National defense Compensation of employees O th e r................................................................................. Nondefense , Compensation of employees . .... O th e r................................................................................. Transfer payments ................................................................................. To persons ................................................................................. To foreigners ............................. .. ............................................. Grants-in-aid to State and local governments Net interest paid IV I h 375.A 432.1 497.6 485.8 504.8 524.7 538.4 531.4 169.6 61.8 25.1 118.9 194.9 72.0 28.1 137.0 230.0 78.2 30.0 159.3 223.4 74.9 29.9 157.5 235.2 79.4 3Ó.Q 160.2 248.5 81.430.7 I 6 4 .I 246.1 86 8 33.8 171.7 4-21.7 459.8 509.0 492.9 516.1 540.4 561.3 249.4 67.3 43.0 171.8 579.5 144.4 152.6 166.6 161.7 162.9 178.4 186.2 193.3 93.7 42.9 108.3 49.2 59.0 106.0 48.4 57.6 109.0 48.7 60.3 114 .6 50.8 99.0 46.1 52.9 51.6 63.0 119.6 51.9 67.7 124.1 52.1 72.0 50.6 53.6 58.4 55.7 53.9 63.8 66.6 69.2 23.5 27.1 25.7 27.9 27.8 30.6 27.4 28.3 27.6 26.3 29.0 34.8 29.3 37.3 30.4 38.8 2 0 8 201.9 217.6 222.7 230.0 236.3 1979 Seasonally adiusted at annual, rates 172.7 0 169.5 3.2 181.6 3.7 205.6 4.2 198.0 3.9 213.9 3.7 217.8 5.0 225.2 4.8 231.5 4.8 67.5 77.3 80.4 77.7 81.8 84.3 86.0 86.0 29.0 34-8 43.1 42.6 43.5 46.2 50.2 54.0 35.4 A3.A 53.9 53.1 54.8 57.5 61.8 66.0 29.9 5.5 34.8 8.7 43.1 10.8 4 2.6 46.6 10.6 43-9 10.9 10.8 50.0 11.8 54.9 11.2 6.4 8.6 10.9 10.6 11.3 11.3 11.5 12.0 8.1 9.7 9.1 9.0 10.2 8.8 8.9 7.5 9.1 8.2 8.3 7.9 8.4 8.3 9.1 -.6 -.6 -.9 -.7 -2.3 -.6 -.7 .0 .0 .0 .0 .0 .0 .0 -46.3 -27.7 -11.4 -7.0 -11.3 4 Less: Interest paid to government.............................................. Subsidies less current surplus of government enterprises , .............................................. Subsidies............ , , , , ..................................................... .. Less: Current surplus of government enterprises t . . , ..............., , ............................................. Less: Wage accruals less disbursements . S u r p lu s o r d e fic it (- and p ro d u ct a cco u n ts P= Preliminary. p 1978 Interest p a id ................................................................................. To p ersons........................................................................ To foreigners , , . , . , , , ....................... , . . . . III 1977 ............... .................................................................................... 1980 9.8 .0 I, n a tio n a l in c o m e ., ................................................... w —i-J • l -2 2 . 9 lip n _4_ the un if ie d budget; unlike the un if ie d budget, i t excludes fi n an c ia l t r a n s a c t i o n s , such as loan s, and records several c a te g o r ie s o f r e c e ip ts and expenditures on a timing ba si s that i s d i f f e r e n t from the budget. I t i s published quarterly at a s e a s o n a ll y adjusted annual rate. Additional data appear in the Survey o f Current B u s in e ss , the monthly journal o f the Bureau o f Economic An al ysi s. The Survey of Current Business i s a v a i l a b l e from the Superintendent o f Documents, U. S. Government Printing O f f i c e , Washington, D. C. 20402. F i r s t c l a s s mail: annual subs cri pt ion $35.00 domestic. Second c l a s s mail; annual subs cri pt ion $22.00 domestic, $27.50 f o r e i g n , s i n g l e i s su e $1.90 domestic, $2.40 fo re ig n.
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