[Analytical Perspectives]
[Other Technical Presentations]
[18. National Income and Product Accounts]
[From the U.S. Government Publishing Office, www.gpo.gov]


[[Page 339]]

 
                18. NATIONAL INCOME AND PRODUCT ACCOUNTS

  The National Income and Product Accounts (NIPAs) are an integrated set 
of measures of aggregate U.S. economic activity that are prepared by the 
Bureau of Economic Analysis of the Department of Commerce. One of the 
many purposes of the NIPAs is to measure the Nation's total production 
of goods and services, known as gross domestic product (GDP), and the 
incomes generated in its production. GDP is measured as the sum of final 
expenditures--consumer spending, private investment, net exports, and 
government consumption and investment. Because the NIPAs are widely used 
in economic analysis, it is important to show the NIPA presentation of 
Federal transactions.
  Federal transactions are included in the NIPAs as part \1\ of the 
government sector. The concepts for the Federal sector have been 
designed to measure certain important economic effects of Federal 
transactions in a way that is consistent with the conceptual structure 
of the entire set of integrated accounts. The NIPA Federal sector is not 
itself a budget, because it is not a financial plan for proposing, 
determining, and controlling the fiscal activities of the Government. 
Rather, it is an accounting translation of the budget to meet 
specialized and important needs, chiefly the measurement of the impact 
of Federal receipts, current expenditures, and the current deficit on 
the national economy. NIPA concepts differ in many ways from budget 
concepts, and therefore the NIPA presentation of Federal finances is 
significantly different from that of the budget.
---------------------------------------------------------------------------
  \1\ The other part of the government sector is a single consolidated 
set of transactions for all State and local units of government 
combined.
---------------------------------------------------------------------------
  GDP is a measure of the Nation's final output, which excludes 
intermediate product to avoid double counting. Government consumption 
expenditures and gross investment are included in GDP as part of final 
output, together with personal consumption expenditures, gross private 
domestic investment, and net exports of goods and services. Other 
Federal expenditures--transfer payments, grants to State and local 
governments, subsidies, and net interest payments--are not final output. 
An entire set of receipt and current expenditure transactions of the 
Federal Government is prepared as one sector of the NIPAs; however, when 
the accounts for all the sectors are consolidated into an account for 
the Nation as a whole, transfer payments, grants, subsidies, and 
interest are canceled out by the receipt of those payments as income in 
other sectors. This leaves only government consumption expenditures and 
gross investment--State and local as well as Federal--to be included in 
final output.

              Differences Between the NIPAs and the Budget

  Federal transactions in the NIPAs are measured according to NIPA 
accounting concepts in order to be compatible with the purposes of the 
NIPAs and other transactions recorded in the NIPAs. As a result, on a 
fiscal year basis, they differ from the budget in netting, timing, and 
coverage. These differences cause total receipts and expenditures in the 
NIPAs to differ from total receipts and outlays in the budget. 
Differences in timing and coverage also cause the NIPA current deficit 
to differ from the budget deficit. Netting differences have equal 
effects on receipts and expenditures and thus have no effect on the 
current deficit. Besides these differences, the NIPAs combine 
transactions into different categories from those used in the budget.
  Netting differences arise when the budget records certain transactions 
as offsets to outlays while they are recorded as receipts in the NIPAs. 
The budget treats all income that comes to the Government due to its 
sovereign powers--mainly, but not exclusively, taxes--as governmental 
receipts. On the other hand, the budget offsets against outlays any 
income that arises from voluntary business-type transactions with the 
public. The NIPAs generally follow this concept as well, and all income 
to government enterprises such as the Postal Service or the power 
administrations is offset against expenditures. However, the NIPAs have 
a narrower definition of ``business-type transactions''. Rents, 
royalties, and regulatory or inspection fees are recorded in the NIPAs 
under receipts as business nontaxes. The NIPAs include Medicare premiums 
as Government receipts, while the budget classifies them as business-
type transactions.
  In the budget, any intragovernmental income from one account to 
another is offset against outlays rather than being recorded as a 
receipt. Government contributions for employee pensions are an example: 
the budget offsets these payments against outlays. In contrast, the 
NIPAs treat the Federal Government like any other employer and show 
contributions for employee social insurance as expenditures by the 
employing agencies and governmental (rather than offsetting) receipts to 
the appropriate social insurance funds. The NIPAs also include certain 
imputations that the budget does not. For example, unemployment benefits 
for Federal employees are financed by direct appropriations rather than 
social insurance contributions. The NIPAs impute social insurance 
contributions by employing agencies to finance these benefits--again, 
treating the Federal Government like any other employer.
  Timing differences for receipts occur because the NIPAs generally 
record personal taxes and social insurance contributions when they are 
paid and business

[[Page 340]]

taxes when they accrue, while the budget generally records receipts when 
they are received. A type of timing difference arises on the expenditure 
side because of the NIPA treatment of government investment. The budget 
includes outlays for Federal investments as they are paid for, while the 
Federal current account of the NIPAs instead includes a depreciation 
charge on past investments (``consumption of general government fixed 
capital'') among ``current expenditures.'' The inclusion of depreciation 
on fixed capital (structures and equipment) in current expenditures is 
intended as a proxy for the services of capital; i.e., for its 
contribution to government output of public services.
  The budget and the NIPAs also have coverage differences. The NIPAs 
exclude transactions with U.S. territories. The NIPAs also exclude the 
proceeds from the sales of nonproduced assets such as land. Bonuses paid 
on Outer Continental Shelf oil leases and proceeds from broadcast 
spectrum auctions are shown as offsetting receipts in the budget and are 
deducted from budget outlays. In the NIPAs these transactions are 
excluded as an exchange of assets with no production involved.
  Financial transactions such as loan disbursements, loan repayments, 
loan asset sales, and loan guarantees are excluded from the NIPAs on the 
grounds that such transactions simply involve an exchange of assets. In 
contrast, the budget records the estimated subsidy cost of the direct 
loan or loan guarantee as an outlay when the loan is disbursed. The cash 
flows with the public are recorded in nonbudgetary accounts as a means 
of financing the budget deficit rather than as budgetary transactions 
themselves. This treatment recognizes that part of a Federal direct loan 
is an exchange of assets with equal value but part is a subsidy to the 
borrower. It also recognizes the subsidy normally granted by loan 
guarantees. In the NIPAs, neither the subsidies nor the loan 
transactions are included; however, the NIPAs include all interest 
transactions with the public, including net interest paid to the 
financing accounts.
  Deposit insurance outlays for resolving failed banks and thrift 
institutions are similarly excluded from the NIPAs on the grounds that 
there are no offsetting current income flows from these transactions. In 
1991, this exclusion was the largest difference between the NIPAs and 
the budget and tended to make the budget deficit larger than the NIPA 
current deficit. In subsequent years, as assets acquired from failed 
financial institutions have been sold, these collections have tended to 
make the budget deficit smaller than the NIPA current deficit.

                         Federal Sector Receipts

  Table 18-1 shows Federal receipts in the four major categories used in 
the NIPAs, which are similar to the budget categories but with 
significant differences.

Table 18-1.  FEDERAL TRANSACTIONS IN THE NATIONAL INCOME AND PRODUCT ACCOUNTS, 1988-1999                                                    
                          (In billions of dollars)                                                                                    
------------------------------------------------------------------------------
Actual                                                           Estimate      
                         Description                         ------------------------------------------------------------------------------
                                                                 1988       1989       1990       1991       1992       1993       1994       1995       1996       1997       1998       1999  
------------------------------------------------------------------------------
                          RECEIPTS                                                                                                                                                              
Personal tax and nontax receipts............................     407.9      458.3      477.3      477.4      485.8      513.3      555.2      598.6      668.6      757.3      785.1      807.8 
Corporate profits tax accruals..............................     107.7      119.1      116.5      111.4      115.4      130.6      152.5      180.0      192.4      206.0      220.8      223.9 
Indirect business tax and nontax accruals...................      60.4       61.7       63.6       75.9       80.9       85.2       97.1       95.2       91.1       92.1       92.1      105.7 
Contributions for social insurance..........................     405.6      430.8      455.1      476.6      499.0      522.7      551.7      578.4      599.8      636.5      664.5      694.8 
                                                             ------------------------------------------------------------------------------
      Total receipts........................................     981.5    1,069.9    1,112.5    1,141.5    1,181.0    1,251.8    1,356.5    1,452.2    1,551.9    1,691.9    1,762.4    1,832.1 
                                                             ==============================================================================
                    CURRENT EXPENDITURES                                                                                                                                                        
                                                                                                                                                                                                
Consumption expenditures....................................     385.4      401.4      419.9      444.4      447.6      449.9      445.6      444.9      442.1      457.5      459.7      468.6 
  Defense...................................................     296.3      301.8      308.8      324.4      318.0      313.2      305.7      300.5      298.1      307.5      304.7      305.7 
  Nondefense................................................      89.1       99.7      111.1      118.1      129.6      136.7      139.9      144.5      144.0      150.0      154.9      162.9 
Transfer payments...........................................     431.6      461.4      505.6      509.5      607.4      651.6      678.3      714.2      750.9      786.3      815.1      851.2 
  To persons................................................     420.5      449.7      490.7      535.7      595.8      634.3      661.9      699.9      737.3      774.1      802.8      839.0 
  To the rest of the world..................................      11.1       11.7       14.9      -26.1       11.5       17.3       16.4       14.3       13.6       12.2       12.3       12.2 
Grants-in-aid to State and local governments................     108.4      115.8      128.4      147.1      168.4      180.3      197.2      211.9      215.3      220.0      235.6      259.0 
Net interest paid...........................................     146.5      161.9      178.5      187.1      197.9      192.2      195.6      220.3      226.2      234.2      231.0      229.3 
Subsidies less current surplus of Government enterprises....      34.4       32.9       29.5       31.6       34.1       38.7       38.4       37.5       37.7       38.2       37.2       35.7 
Wage disbursements less accruals............................       0.1   .........  .........       0.1   .........  .........  .........  .........  .........  .........  .........  .........
                                                             ------------------------------------------------------------------------------
      Total current expenditures............................   1,106.4    1,173.4    1,261.9    1,319.9    1,455.3    1,512.6    1,555.1    1,628.9    1,672.2    1,736.2    1,778.5    1,843.8 
                                                             ==============================================================================
      Current deficit (-)...................................    -124.9     -103.5     -149.3     -178.4     -274.3     -260.8     -198.6     -176.7     -120.2      -44.3      -16.1      -11.7 
                                                                                                                                                                                                
                          ADDENDUM                                                                                                                                                              
                                                                                                                                                                                                
Gross investment............................................      73.8       65.9       78.5       79.5       74.4       70.8       67.6       67.3       68.0       61.2       58.3       58.6 
  Defense...................................................      60.2       51.7       61.7       61.9       54.3       48.1       48.5       46.9       47.1       39.9       36.3       35.4 
  Nondefense................................................      13.5       14.2       16.8       17.6       20.1       22.7       19.0       20.4       21.0       21.3       22.0       23.1 
-----------------------------------------------------------------------------
* $50 million or less.                                                                                                                                                                          


[[Page 341]]

  Personal tax and nontax receipts is the largest category. It is 
composed primarily of personal income taxes, but also includes estate 
and gift taxes, fees, fines, and other receipts from persons.
  Corporate profits tax accruals differs in classification from the 
corresponding budget category primarily because the NIPAs include the 
deposit of earnings of the Federal Reserve System as corporate profits 
taxes, while the budget treats these collections as miscellaneous 
receipts. The timing difference between the NIPAs and the budget is 
especially large for corporate receipts.
  Indirect business tax and nontax accruals is composed of excise taxes, 
customs duties, royalties, fines, and other receipts from business.
  Contributions for social insurance differs from the corresponding 
budget category primarily because: (1) the NIPAs include Federal 
employer contributions for employee retirement in this category as a 
Government receipt, while the budget offsets the contributions against 
outlays as undistributed offsetting receipts; (2) the NIPAs include 
premiums for Part B of Medicare as Government receipts, while the budget 
nets them against outlays; and (3) the NIPAs include imputations for 
contributions for Federal employees' unemployment insurance and workers' 
compensation.

                   Federal Sector Current Expenditures

  Table 18-1 shows current expenditures in the six major NIPA 
categories, which are very different from the budget categories.
  Government consumption expenditures are the goods and services 
purchased by the Federal Government in the current account, including 
compensation of employees and depreciation. This category is a new one 
introduced two years ago as part of the regular comprehensive revision 
of the NIPAs. The previous category, government purchases of goods and 
services, included gross investment spending but did not include imputed 
depreciation on federally owned fixed capital (``consumption of general 
government fixed capital''); the new category does. Gross investment 
(shown as addendum items in Table 18-1) is now excluded from current 
expenditures in computing the government current surplus or current 
deficit on a NIPA basis. The same changes were made to the State and 
local government sector of the NIPAs, which now reflects depreciation of 
State and local fixed capital (including that financed by Federal grants 
in aid).
  Although gross investment is not included in government current 
expenditure, both government gross investment and current consumption 
expenditures (including depreciation) are now included in total GDP 
(both in current estimates and in historical NIPA data), which makes the 
treatment of the government sector in the NIPAs more like that of the 
private sector. This new treatment had the effect of increasing the 
level of measured GDP by the amount of depreciation on general 
government capital (Federal, State and local; the consumption of fixed 
capital owned by government enterprises did not affect the level of 
GDP). This raised calendar year 1995 GDP, for example, by $122 billion, 
or 1.7 percent.

  Transfer payments is the largest expenditure category. Transfer 
payments to persons are mainly for income security and health programs, 
such as Social Security and Medicare. Transfer payments to the rest of 
the world include grants to foreign governments and

                                           Table 18-2.  RELATIONSHIP OF THE BUDGET TO THE FEDERAL SECTOR, NIPA                                          
------------------------------------------------------------------------------
                                                                                Actual                                                     Estimate     
                                 ------------------------------------------------------------------------------
                                    1988      1989      1990      1991      1992      1993      1994      1995      1996      1997      1998      1999  
------------------------------------------------------------------------------
RECEIPTS----------------------------------------------------------------------
                                                                                                                                                        
Budget receipts.................     909.3     991.2   1,032.0   1,055.0   1,091.3   1,154.4   1,258.6   1,351.8   1,453.1   1,579.3   1,657.9   1,742.7
  Coverage differences..........      -1.2      -1.4      -1.6      -1.7      -1.8      -1.9      -2.1      -2.2      -2.3      -2.6      -2.7      -2.8
  Contributions to government                                                                                                                           
   employee retirement funds                                                                                                                            
   (grossing)...................      59.6      60.9      62.2      66.0      67.6      67.3      66.9      66.5      65.0      71.4      72.2      73.8
  Other netting and grossing....      13.8      13.9      16.6      20.9      25.5      29.3      31.2      29.5      28.5      33.8      29.7      30.4
  Timing differences............       0.5       3.6       3.5       2.2      -1.0       3.6       4.6       8.5       8.7      16.2       9.8      -2.6
  Other.........................      -0.5       1.7      -0.2      -0.9      -0.6      -0.9      -2.7      -1.9      -1.1      -6.2      -4.5      -9.4
    NIPA receipts...............     981.5   1,069.9   1,112.5   1,141.5   1,181.0   1,251.8   1,356.5   1,452.2   1,551.9   1,691.9   1,762.4   1,832.1
                                 ==============================================================================
          EXPENDITURES                                                                                                                                  
                                                                                                                                                        
Budget outlays..................   1,064.5   1,143.7   1,253.2   1,324.4   1,381.7   1,409.4   1,461.7   1,515.7   1,560.3   1,601.2   1,667.8   1,733.2
  Net lending...................     -10.4     -10.7       1.4      -2.9      -5.0      -5.4       0.4     -10.1     -10.5      -5.9     -21.4      -8.9
  Deposit insurance and other                                                                                                                           
   financial transactions.......      -1.0      -9.9     -56.1     -65.0      -4.7      24.1       7.5      21.0      15.2      11.0       6.6      -2.1
  Net purchases of nonproduced                                                                                                                          
   assets.......................       0.1       0.7       1.0      -0.2      -0.2      -0.2      -0.2       7.4       0.1      10.2       4.3       2.6
  Other coverage differences....      -5.8      -6.4      -6.9      -7.4      -5.0      -7.6      -5.4      -3.9       1.0       2.5       5.1      -1.7
  Contributions to government                                                                                                                           
   employee retirement funds....      59.6      60.9      62.2      66.0      67.6      67.3      66.9      66.5      65.0      71.4      72.2      73.8
  Other netting and grossing                                                                                                                            
   differences..................      13.8      13.9      16.6      20.9      25.5      29.3      31.2      29.5      28.5      33.6      29.7      30.4
  Difference between investment                                                                                                                         
   and depreciation.............     -17.5     -15.9     -16.3     -14.3     -10.3      -5.8       1.6       3.2       3.3      10.2      13.5      13.8
  Other timing differences......       3.1      -2.9       6.8      -1.6       5.7       1.5      -8.6      -0.4       9.3       1.8       0.6       0.7
    NIPA current expenditures...   1,106.4   1,173.4   1,261.9   1,319.9   1,455.3   1,512.6   1,555.1   1,628.9   1,672.2   1,736.2   1,776.5   1,843.8
------------------------------------------------------------------------------

[[Page 342]]

payments under Social Security and other similar programs to individuals 
living abroad.
  Grants-in-aid to State and local governments are designed to help 
finance a range of programs. Grants are for income security, Medicaid, 
capital expenditures for infrastructure, and other purposes.
  Net interest paid is the interest paid by the Government on its debt, 
less interest received on its loans.
  Subsidies less current surplus of Government enterprises consists of 
two elements: (1) subsidy payments for resident businesses; and (2) the 
current surplus (or current deficit) of ``Government enterprises,'' such 
as the Postal Service, which are business-type operations of Government 
that usually appear in the budget as public enterprise revolving funds. 
As part of the changes made in the 1996 comprehensive revision of the 
NIPAs, imputed depreciation (consumption of enterprise fixed capital) 
now reduces the current surplus of government enterprises in comparison 
to the previous treatment.
  NIPA subsidies do not include the imputed credit subsidies estimated 
as part of credit reform in the budget. Rather, loans and guarantees are 
categorized as financial transactions and are excluded from the NIPAs. 

  Wage disbursements less accruals is an adjustment that is necessary to 
the extent that wages are earned in a different period than they are 
paid.

                      Differences in the Estimates

  Since the introduction of the unified budget in January 1968, NIPA 
receipts have exceeded budget receipts in each year, due principally to 
the imputed employer contributions for employee retirement. NIPA current 
expenditures have usually been higher than budget outlays for the same 
reason. There are, however, two components of budget outlays that are 
sometimes sufficiently large in combination to match the netting 
adjustments. These are financial transactions and payments to U.S. 
territories. Large outlays associated with resolving the failed savings 
and loan associations and banks in 1990 and 1991 made those year's 
budget outlays nearly equal to NIPA current expenditures. With the 
change in budgetary treatment of direct loans in 1992 under credit 
reform, one type of financial transaction--direct loans to the public--
has been recorded in the budget in a way that is closer to the NIPA 
treatment. Disbursement and repayment of loans are now recorded outside 
the budget as in the Federal sector of the NIPAs, although, unlike the 
NIPAs, imputed credit subsidies are recorded as budget outlays.

Table 18-3.  FEDERAL RECEIPTS AND EXPENDITURES IN THE NIPAs, QUARTERLY, 1997-1999                                                       
          (In billions of dollars; seasonally adjusted at annual rates)                                                                 
------------------------------------------------------------------------------
Actual                                                           Estimate                                       
------------------------------------------------------------------------------
                                                              Oct.-Dec.  Jan.-Mar.  Apr.-June    July-    Oct.-Dec.  Jan.-Mar.  Apr.-June    July-    Oct.-Dec.  Jan.-Mar.  Apr.-June    July-  
                         Description                         ---------------------------------   Sept.   ---------------------------------   Sept.   ---------------------------------   Sept.  
                                                                                              -----------                                 -----------                                 ----------
                                                                 1996       1997       1997       1997       1997       1998       1998       1998       1998       1999       1999       1999  
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                          RECEIPTS                                                                                                                                                              
Personal tax and nontax receipts............................     717.5      746.9      767.9      781.9         NA      778.9      785.8      793.1      800.3      799.7      807.3      814.9 
Corporate profits tax accruals..............................     192.0      204.9      207.7      219.3         NA      220.6      221.4      221.0      222.1      224.0      224.3      225.1 
Indirect business tax and nontax accruals...................     110.2       88.2       92.2       92.4         NA       92.8       93.1       92.9      100.6      100.1      100.2      101.3 
Contributions for social insurance..........................     622.0      635.3      641.5      648.2         NA      664.1      670.2      676.3      683.1      692.9      698.9      704.9 
                                                             ------------------------------------------------------------------------------
      Total receipts........................................   1,641.6    1,675.3    1,709.3    1,741.9         NA    1,756.3    1,770.5    1,783.2    1,806.3    1,816.7    1,830.6    1,846.2 
                                                             ==============================================================================
                    CURRENT EXPENDITURES                                                                                                                                                        
                                                                                                                                                                                                
Consumption expenditures....................................     453.6      458.0      464.2      464.7         NA      469.3      461.4      457.8      456.5      463.4      464.7      469.0 
  Defense...................................................     307.6      306.4      311.3      311.6         NA      313.5      304.1      298.7      295.9      299.4      299.3      302.1 
  Nondefense................................................     146.0      151.7      152.9      153.1         NA      155.8      157.3      159.1      160.6      164.1      165.4      166.9 
Transfer payments...........................................     777.3      785.9      791.4      794.5         NA      814.6      819.8      825.6      838.0      851.0      856.6      862.5 
  Domestic (``to persons'').................................     754.4      775.5      780.5      784.5         NA      803.9      809.3      815.1      820.4      840.8      846.4      852.4 
  Foreign...................................................      22.9       10.5       10.8       10.0         NA       10.6       10.4       10.5       17.6       10.2       10.2       10.1 
Grants-in-aid to State and local governments................     217.5      219.6      222.5      224.2         NA      228.3      236.8      241.4      246.5      255.2      262.2      268.3 
Net interest paid...........................................     231.8      228.9      229.8      231.2         NA      230.6      229.7      229.0      228.9      228.6      228.4      228.3 
Subsidies less current surplus of Government enterprises....      38.5       38.4       38.1       37.9         NA       39.9       40.3       38.4       38.8       38.3       38.1       37.8 
Wage disbursements less accruals............................  .........  .........  .........  .........        NA   .........  .........  .........  .........  .........  .........  .........
                                                             ------------------------------------------------------------------------------
      Total current expenditures............................   1,718.8    1,730.8    1,746.0    1,752.6         NA    1,782.6    1,788.0    1,792.1    1,808.7    1,836.6    1,850.1    1,865.9 
                                                             ==============================================================================
      Current deficit (-)...................................     -77.1      -55.5      -36.8      -10.8         NA      -26.3      -17.5       -8.9       -2.4      -19.9      -19.5      -19.7 
                                                                                                                                                                                                
                          ADDENDUM                                                                                                                                                              
                                                                                                                                                                                                
Gross investment............................................      63.9       58.1       61.9       61.0         NA       57.4       56.4       55.8       57.1       58.7       59.3       58.8 
  Defense...................................................      42.9       37.0       39.3       40.5         NA       35.6       34.4       33.5       34.5       35.8       35.9       35.5 
  Nondefense................................................      21.0       21.1       22.6       20.5         NA       21.9       22.0       22.3       22.6       22.9       23.3       23.4 
------------------------------------------------------------------------------NA = Not available.                                                                                                                                                                             
                                                                                                                                                                                                
* $50 million or less.                                                                                                                                                                          

[[Page 343]]

  During the period 1975-1992, the budget deficit exceeded the Federal 
current deficit as measured in the NIPAs every year. The largest 
difference, $92.7 billion, occurred in 1991, when the budget deficit was 
$269.4 billion, while the NIPA current deficit was $176.6 billion. In 
1993-1997, the NIPA current account deficit was slightly above the 
budget deficit, and it is projected to remain higher in 1998 and to show 
a small NIPA deficit for 1999, where the unified budget shows a small 
surplus.
  Table 18-1 displays Federal transactions using NIPA concepts with 
actual data for the years 1987-1997 and estimates for 1998 and 1999 
consistent with the Administration's budget proposals. Table 18-2 
displays the reasons for differences between the data using budget 
concepts and NIPA concepts. Table 18-3 displays quarterly seasonally 
adjusted data using NIPA concepts beginning in October 1996. These 
differ slightly from the fiscal year totals computed from not seasonally 
adjusted data, because seasonal adjustment is on a calendar year basis. 
Annual NIPA data for 1960-1999 are published in Section 14 of a separate 
budget volume, Historical Tables, Budget of the U.S. Government, Fiscal 
Year 1999.
  Additional detailed estimates of receipts and current expenditures, 
including estimates for the October -December 1997 quarter, will be 
published in a forthcoming issue of the Department of Commerce 
publication, Survey of Current Business.