[Analytical Perspectives]
[Economic Assumptions and Analyses]
[14. National Income and Product Accounts]
[From the U.S. Government Printing Office, www.gpo.gov]
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14. NATIONAL INCOME AND PRODUCT ACCOUNTS
The National Income and Product Accounts (NIPAs) are an integrated set
of statistics prepared by the Department of Commerce that measure
aggregate U.S. economic activity. Because the NIPAs include Federal
transactions and are widely used in economic analysis, it is important
to understand the differences between the NIPAs' distinctive
presentation of Federal transactions and that of the budget.
The main purpose 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 excludes intermediate
product to avoid double counting. Government consumption expenditures
along with government gross investment--State and local as well as
Federal--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 (exports minus imports).
Not all government expenditures are counted in GDP. Social benefits,
grants to State and local governments, subsidies, and interest
payments--are not purchases of final output and are therefore not
included in GDP; however, these transactions are recorded in the NIPA
government account that records current receipts and expenditures
(including depreciation on government gross investment) because all of
these affect the government's claim on economic resources.
Federal transactions are included in the NIPAs as part of the
government sector.\1\ The Federal subsector is designed to measure
certain important economic effects of Federal transactions in a way that
is consistent with the conceptual framework of the entire set of
integrated accounts. The NIPA Federal subsector is not itself a budget,
because it is not a financial plan for proposing, determining, and
controlling the fiscal activities of the Government. For example, it
omits from its current receipts and current expenditures certain
``capital transfers'' that are recorded in the budget. NIPA concepts
also differ in many other ways from budget concepts, and therefore the
NIPA presentation of Federal finances is significantly different from
that of the budget.
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\1\ The other subsector of the NIPA government sector is a single set
of transactions for all U.S. State and local units of government,
treated as a consolidated entity.
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Differences between the NIPAs and the Budget
Federal transactions in the NIPAs are measured according to NIPA
accounting concepts and as a result they differ from the budget in
netting and grossing, timing, and coverage. These differences cause
current receipts and expenditures in the NIPAs to differ from total
receipts and outlays in the budget, albeit by relatively small
amounts.\2\ Differences in timing and coverage also cause the NIPA
measure of net Federal Government saving to differ from the budget
surplus or deficit. Unlike timing and coverage differences, netting and
grossing differences have equal effects on receipts and expenditures and
thus have no effect on net Government saving. The NIPAs also combine
transactions into different categories from those used in the budget.
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\2\ Over the period 1994-2007, NIPA current expenditures averaged 3.6
percent higher than budget outlays, while NIPA current receipts averaged
2.5 percent higher than budget receipts.
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Netting and grossing differences arise because the budget records
certain transactions as offsets to outlays that are recorded as current
receipts in the NIPAs (or vice versa). The budget treats as governmental
receipts all income that comes to the Government due to its sovereign
powers--mainly, but not exclusively, taxes. 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
income to Government revolving accounts (such as the Government Printing
Office) is offset against their expenditures. However, the NIPAs have a
narrower definition of ``business-type transactions'' than does the
budget. Rents and royalties, and some regulatory or inspection fees,
which are classified as offsets to outlays in the budget, are recorded
in the NIPAs as Government receipts (income receipts on assets and
current transfer receipts, respectively). The NIPAs include Medicare
premiums as Government receipts, while the budget classifies them as
business-type transactions (offsetting receipts). In addition, the NIPAs
treat the net surplus of Government enterprises as a component of
current receipts.
In the budget, any intragovernmental income paid from one account to
another is offset against outlays rather than being recorded as a
receipt so that total outlays and receipts measure only transactions
with the public. For example, Government contributions for Federal
employee social insurance (such as Social Security) are offset against
outlays. In contrast, the NIPAs treat the Federal Government like any
other employer and show contributions for Federal employee social
insurance as expenditures by the employing agencies and as governmental
(rather than offsetting) receipts. The NIPAs also impute certain
transactions that are not recorded explicitly in the budget. For
example, unemployment benefits for Federal employees are financed by
direct appropriations rather than social insurance contributions. The
NIPAs impute the social insurance contributions to the expenditures of
employing agencies--again, treating the Federal Government like any
other employer.
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Timing differences for receipts occur because the NIPAs generally
record business taxes when they accrue, while the budget generally
records all receipts when they are received. Thus the NIPAs attribute
corporations' final settlement payments back to the quarter(s) in which
the profits that gave rise to the tax liability occurred. The delay
between accrual of liability and Treasury receipt of payment can result
in significant timing differences between NIPA and budget measures of
receipts for any given accounting period.
Timing differences also occur for expenditures. When the first day of
a month falls on a weekend or holiday, monthly benefit checks normally
mailed on the first day of the month may be mailed out a day or two
earlier; the budget then reflects two payments in one month and none the
next. As a result, the budget totals occasionally reflect 13 monthly
payments in one year and only 11 the next. NIPA expenditure figures
always reflect 12 benefit payments per year, giving rise to a timing
difference compared to the budget.
Coverage differences arise on the expenditure side because of the
NIPA treatment of Government investment. The budget includes outlays for
Federal investments as they are paid, while the NIPA Federal current
account excludes current investments but includes a depreciation charge
on past investments (``consumption of general government fixed
capital'') as part of ``current expenditures.'' The inclusion of
depreciation on fixed capital (structures, equipment and software) in
current expenditures can be thought of as a proxy for the services that
capital renders; i.e., for its contribution to Government output of
public services. The depreciation charge is not a full reflection of
capital services, however, since it does not include the net return to
capital that in a private corporation would appear as interest income or
profit. The NIPAs would need to include an imputed interest charge for
government capital to assure a fully parallel treatment.
Certain items in the budget are excluded from the NIPA Federal current
account because they are related to the acquisition or sale of assets,
and not linked to current consumption or income. Examples include
Federal investment grants to State and local governments, investment
subsidies to business, lump sum payments to amortize the unfunded
liability of the Uniformed Services Retiree Health Care Fund and the new
Postal Service Retiree Health Benefits Fund, and forgiveness of debt
owed by foreign governments. Likewise, estate and gift taxes, included
in budget receipts, are excluded from NIPA current receipts as being
capital transfers. They 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 from the Federal current
account as an exchange of assets with no current production involved.
The NIPAs are not strictly consistent in this interpretation, however,
since they do include in total revenues the taxation of capital gains.
Also unlike the budget, the NIPAs exclude transactions with U.S.
territories.
The treatment of Government pension plan income and outgo creates a
coverage difference. Whereas the budget treats employee payments to
these pension plans as governmental receipts, and employer contributions
by agencies as offsets to outlays because they are intragovernmental,
the NIPAs treat employer contributions as personal income and employee
payments as a transfer of income within the household sector, in the
same way as it treats contributions to pension plans in the private
(household) sector. Likewise, the budget records a Government check to a
retired Government employee as an outlay, but under NIPA concepts, no
Government expenditure occurs at that time; the payment is treated (like
private pension payments) as a transfer of income within the household
sector.
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
rather than current production, income, or consumption. In contrast,
under the Federal Credit Reform Act of 1990, the budget records the
estimated subsidy cost of the direct loan or loan guarantee as an outlay
at the time when the loan is disbursed. The cash flows with the public
are recorded in nonbudgetary accounts as a means of financing the budget
rather than as budgetary transactions. This treatment recognizes that a
Federal direct loan is an exchange of assets with equal value after
allowing for the subsidy to the borrower implied by the terms of the
loan. It also recognizes the subsidy element in loan guarantees. In the
NIPAs, these subsidies are not recognized. The NIPAs, like the budget,
include all interest transactions with the public, including interest
received by and paid to the loan financing accounts; and both the NIPAs
and the budget include administrative costs of credit program
operations.
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 made NIPA net Government saving a significantly smaller
negative number than the budget deficit that year. In subsequent years,
as assets acquired from failed financial institutions were sold, these
collections tended to make the budget deficit a smaller negative figure
than NIPA net Federal Government saving.
Federal Sector Current Receipts
Table 14-1 shows the NIPA classification of Federal current receipts
in five major categories and four of the subcategories used to measure
taxes, which are similar to the budget categories but with some
significant differences.
Current tax receipts is the largest category of current receipts, and
its personal current taxes subcategory--
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Table 14-1. FEDERAL TRANSACTIONS IN THE NATIONAL INCOME AND PRODUCT ACCOUNTS, 1998-2009
(In billions of dollars)
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Estimate
Description 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 ---------------------
2008 2009
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CURRENT RECEIPTS
Current tax receipts........................................ 1,105.9 1,165.2 1,305.6 1,266.9 1,089.7 1,065.9 1,113.8 1,328.9 1,515.5 1,644.0 1,555.0 1,701.6
Personal current taxes.................................... 814.1 868.5 987.4 993.8 851.1 781.7 778.7 914.1 1,037.8 1,149.3 1,079.3 1,234.4
Taxes on production and imports........................... 80.7 82.5 87.8 86.4 86.4 89.1 93.2 98.1 99.0 100.5 102.2 103.0
Taxes on corporate income................................. 205.9 207.9 223.5 179.5 144.7 186.8 232.7 305.0 367.6 380.5 360.9 351.7
Taxes from the rest of the world.......................... 5.2 6.2 6.8 7.1 7.4 8.3 9.3 11.7 11.1 13.7 12.6 12.6
Contributions for government social insurance............... 604.4 642.2 687.8 713.8 729.6 749.9 795.1 843.4 887.6 937.2 981.0 1,032.8
Income receipts on assets................................... 22.3 20.9 24.3 26.4 21.3 21.4 23.7 24.9 24.3 25.9 26.0 28.3
Current transfer receipts................................... 21.0 21.8 24.9 26.5 25.5 24.7 27.7 11.0 35.0 35.7 37.7 42.4
Current surplus of government enterprises................... -* 0.3 -1.3 -6.5 -1.1 2.5 0.2 -5.2 -3.7 -1.9 -0.4 -0.2
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Total current receipts................................ 1,753.5 1,850.3 2,041.2 2,027.1 1,865.0 1,864.4 1,960.6 2,203.0 2,458.7 2,641.0 2,599.2 2,805.0
===================================================================================================================================
CURRENT EXPENDITURES
Consumption expenditures.................................... 452.9 469.5 496.0 519.7 575.5 648.0 706.6 757.9 800.3 841.6 912.1 1005.6
Defense................................................... 301.3 307.2 321.2 335.7 368.4 424.5 470.4 507.8 532.1 568.0 604.7 679.0
Nondefense................................................ 151.6 162.3 174.8 184.0 207.1 223.5 236.2 250.2 268.2 273.6 307.4 326.6
Current transfer payments................................... 940.3 976.3 1,023.2 1,108.0 1,216.6 1,308.9 1,377.5 1,462.8 1,548.4 1,644.1 1,738.2 1,808.8
Government social benefits................................ 716.4 733.0 762.7 823.6 900.9 956.3 1,005.1 1,071.6 1,154.5 1241.0 1,311.5 1,377.3
Grants-in-aid to State and local governments.............. 209.9 227.7 244.1 268.2 296.7 329.3 347.6 359.5 360.8 370.8 390.9 398.2
Other transfers to the rest of the world.................. 14.0 15.7 16.4 16.3 19.0 23.2 24.7 31.7 33.1 32.2 35.9 33.4
Interest payments........................................... 299.7 285.9 283.3 267.9 234.9 214.6 216.8 243.1 284.1 302.8 319.2 338.0
Subsidies................................................... 33.6 36.1 49.6 53.7 37.9 46.1 43.5 55.0 52.7 45.6 52.5 45.9
Wage disbursements less accruals............................ ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... .........
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Total current expenditures............................ 1,726.5 1,767.8 1,852.0 1,949.3 2,064.9 2,217.6 2,344.4 2,518.9 2,685.6 2,834.0 3,022.0 3,198.3
===================================================================================================================================
Net Federal Government saving......................... 27.0 82.4 189.2 77.8 -199.9 -353.2 -383.8 -315.8 -226.9 -193.0 -422.7 -393.3
ADDENDUM: TOTAL RECEIPTS AND EXPENDITURES
Current receipts............................................ 1,753.5 1,850.3 2,041.2 2,027.1 1,865.0 1,864.4 1,960.6 2,203.0 2,458.7 2,641.0 2,599.2 2,805.0
Capital transfer receipts................................... 23.9 27.6 28.8 28.2 26.4 21.7 24.7 24.6 27.7 25.8 26.5 26.1
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Total receipts........................................ 1,777.4 1,877.9 2,070.1 2,055.3 1,891.3 1,886.1 1,985.3 2,227.6 2,486.4 2,666.8 2,625.8 2,831.1
Current expenditures........................................ 1,726.5 1,767.9 1,852.0 1,949.3 2,064.9 2,217.6 2,344.4 2,518.9 2,685.6 2,834.0 3,022.0 3,198.3
Net investment:
Gross government investment:
Defense................................................. 45.4 46.5 48.5 49.9 54.5 59.0 65.1 72.3 77.2 81.9 94.0 95.5
Nondefense.............................................. 29.7 31.9 32.2 30.3 32.6 33.3 33.6 35.9 40.5 38.4 39.2 39.2
Less: Consumption of fixed capital:
Defense................................................. 59.8 59.7 60.2 60.3 60.4 61.4 63.4 67.0 71.2 74.9 78.1 81.3
Nondefense.............................................. 22.9 24.5 26.5 27.7 28.2 28.7 29.3 30.8 32.6 33.4 36.8 39.9
Capital transfer payments................................... 28.2 31.3 39.3 39.8 44.3 62.0 62.9 66.0 69.2 76.7 91.4 95.2
Net purchases of nonproduced assets......................... -5.3 -1.7 -0.3 -0.9 0.3 * 0.1 -0.7 -0.3 -13.6 -15.5 -2.5
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Total expenditures.................................... 1,741.8 1,791.8 1,885.1 1,980.3 2,108.0 2,281.9 2,413.5 2,594.5 2,768.4 2,909.0 3,116.2 3,304.5
===================================================================================================================================
Net lending or net borrowing (-)...................... 35.7 86.1 185.0 75.0 -216.7 -395.8 -428.1 -366.9 -281.9 -242.2 -490.4 -473.5
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* $50 million or less.
composed primarily of the individual income tax--is the largest single
subcategory. The NIPAs' taxes on corporate income subcategory differs in
classification from the corresponding budget category primarily because
the NIPAs include the deposit of earnings of the Federal Reserve System
as corporate income 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.) The taxes on
production and imports subcategory is composed of excise taxes and
customs duties.
Contributions for Government social insurance is the second largest
category of current receipts. It differs from the corresponding budget
category primarily be
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cause: (1) the NIPAs include Federal employer contributions for social
insurance as a governmental receipt, while the budget offsets these
contributions against outlays as undistributed offsetting receipts; (2)
the NIPAs include premiums for Parts B and D of Medicare as governmental
receipts, while the budget nets them against outlays; (3) the NIPAs
treat Government employee contributions to their pension plans as a
transfer of personal income within the household sector (as if the
pension system were private), while the budget includes them in
governmental receipts; and (4) the NIPAs impute employer contributions
for Federal employees' unemployment insurance and workers' compensation.
The income receipts on assets category consists mainly of interest
payments received on Government direct loans (such as student loans) and
rents and royalties on Outer Continental Shelf oil leases. The current
transfer receipts category consists primarily of deposit insurance
premiums, fees, fines and other receipts from both individuals and
businesses, less insurance settlements from the National Flood Insurance
Program--virtually all of which are netted against outlays in the
budget. The current surplus (or deficit) of Government enterprises
category is the profit or loss 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.
Depreciation (consumption of enterprise fixed capital) is netted in
calculating the current surplus of Government enterprises.
Federal Sector Current Expenditures
Table 14-1 shows the five major NIPA categories for current
expenditures and five subcategories, which differ greatly from the
corresponding budget categories.
Government consumption expenditures consist of goods and services
purchased by the Federal Government, including compensation of employees
and depreciation on fixed capital. Gross investment (shown among the
addendum items in Table 14-1) is thus excluded from current expenditures
and does not figure in computing net Government saving on a NIPA basis,
whereas depreciation--charges on federally-owned fixed capital--
(``consumption of general government fixed capital'') is included. The
NIPAs treat State and local investment and capital consumption in the
same way--regardless of the extent to which it is financed with Federal
aid (capital transfer payments) or from State and local own-source
receipts.
Although gross investment is not included in Government current
expenditures, Government gross investment is included in total GDP along
with current consumption expenditures (including depreciation), which
makes the treatment of the government sector in the NIPAs similar to
that of the private sector. Investment includes structures, equipment,
and computer software.
The largest expenditure category consists mainly of current transfer
payments for Government income security and health benefits, such as
Social Security and Medicare. Payment of pension benefits to former
Government employees is not included, as explained previously. Grants-
in-aid to State and local governments help finance a range of programs,
including income security, Medicaid, and education (but capital transfer
payments for construction of highways, airports, waste-water treatment
plants, and mass transit are excluded). ``Current transfer payments to
the rest of the world (net)'' consists mainly of grants to foreign
governments.
Interest payments consist of the interest paid by the Government on
its debt (excluding debt held by trust funds, other than Federal
employee pension plans; and other Government accounts). Where the budget
nets interest received on loans against outlays, the NIPAs treat it as
current receipts.
Subsidies consist of subsidy payments for resident businesses
(excluding subsidies for investment). NIPA subsidies do not include the
imputed credit subsidies estimated as budget outlays under credit
reform. Rather, as explained previously loans and guarantees are
excluded from the NIPAs except for associated interest and fees.
Wage disbursements less accruals is an adjustment that is necessary to
the extent that the wages paid in a period differ from the amount earned
in the period.
Differences in the Estimates
Since the introduction of the unified budget in January 1968, NIPA
current receipts have been greater than budget receipts in most years.
This is due principally to grossing differences and the fact that estate
and gift taxes, which the NIPAs exclude as capital transfers, have been
roughly matched by Medicare premiums, which the NIPAs include as a
governmental receipt but the budget treats as an offsetting receipt. (In
the budget, offsetting receipts are not included in the governmental
receipts total but instead are netted against the outlay total.) Since
1986, NIPA current expenditures have usually been higher than budget
outlays (from which the Medicare premiums and employer retirement
contributions are netted out as offsetting receipts); despite the
omission from NIPA expenditures of capital transfer grants and pension
benefit payments to former Government employees.
Two components of budget outlays, however, are sometimes sufficiently
large in combination to exceed the usual netting and grossing
adjustments. These are financial transactions and net investment (the
difference between gross investment and depreciation). Large outlays
associated with resolving the failed savings and loan associations and
banks in 1990 and 1991 caused those year's budget outlays to exceed NIPA
current expenditures. With the change in budgetary treatment of direct
loans in 1992 under credit reform, the cost of direct loans to the
public recorded in the budget has been reduced bringing it closer to the
NIPA treatment. Disbursement and repayment of loans made since that time
are recorded outside the budget; only credit subsidies are recorded as
budget outlays, unlike the
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Table 14-2. RELATIONSHIP OF THE BUDGET TO THE FEDERAL SECTOR, NIPA's
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Estimate
Description 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 ---------------------
2008 2009
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RECEIPTS
Budget receipts............................................. 1,722.0 1,827.6 2,025.5 1,991.4 1,853.4 1,782.5 1,880.3 2,153.9 2,407.3 2,568.2 2,521.2 2,699.9
Contributions to government employee retirement plans..... -4.3 -4.5 -4.8 -4.7 -4.6 -4.6 -4.6 -4.5 -4.4 -4.3 -4.7 -4.8
Capital transfers received................................ -23.9 -27.6 -28.8 -28.2 -26.3 -21.7 -24.7 -24.6 -27.7 -25.8 -26.5 -26.1
Other coverage differences................................ -5.8 -7.0 -8.0 -7.9 -8.9 -9.0 -10.4 -11.3 -11.7 -12.3 -13.2 -14.3
Netting and grossing...................................... 64.5 65.7 70.6 69.9 77.0 85.1 89.7 75.0 108.3 117.5 127.9 140.0
Timing differences........................................ 1.1 -3.9 -13.2 6.7 -25.6 32.1 30.3 14.4 -13.0 -2.4 -5.4 10.1
NIPA current receipts................................... 1,753.5 1,850.3 2,041.2 2,027.1 1,865.0 1,864.4 1,960.6 2,203.0 2,458.7 2,641.0 2,599.2 2,805.0
===================================================================================================================================
EXPENDITURES
Budget outlays.............................................. 1,652.7 1,702.0 1,789.2 1,863.2 2,011.2 2,160.1 2,293.0 2,472.2 2,655.4 2,730.2 2,931.2 3,107.4
Government employee retirement plan transactions.......... 31.3 32.1 31.7 31.5 33.7 33.1 33.5 39.4 42.1 41.1 51.2 55.7
Deposit insurance and other financial transactions........ -7.1 -6.1 -9.0 -6.2 -6.7 2.1 0.4 7.1 -3.4 12.7 21.7 13.3
Capital transfer payments................................. -28.2 -31.3 -35.1 -39.8 -44.1 -45.4 -46.4 -47.7 -51.2 -76.7 -91.4 -95.2
Net purchases of nonproduced assets....................... 5.3 1.7 0.3 0.9 -0.3 -* -0.1 0.7 0.3 13.6 15.5 2.5
Net investment............................................ 7.6 5.7 6.0 7.9 1.4 -2.3 -6.1 -10.3 -13.9 -11.8 -18.4 -13.5
Other coverage differences................................ 1.0 2.7 4.0 7.9 -0.6 -13.5 -21.3 -26.5 -38.4 -6.3 -12.5 -7.2
Netting and grossing differences.......................... 64.5 65.7 70.6 69.9 77.0 85.1 89.7 75.0 108.3 117.5 127.9 140.0
Timing differences........................................ -0.7 -4.7 -5.6 14.3 -6.7 -1.6 1.6 8.9 -13.6 13.7 -3.3 -4.6
NIPA current expenditures............................... 1,726.5 1,767.8 1,852.0 1,949.3 2,064.9 2,217.6 2,344.4 2,518.9 2,685.6 2,834.0 3,022.0 3,198.3
ADDENDUM
Budget surplus or deficit (-)............................. 69.3 125.6 236.2 128.2 -157.8 -377.6 -412.7 -318.3 -248.2 -162.0 -410.0 -407.4
NIPA net Federal Government saving........................ 27.0 82.4 189.2 77.8 -199.9 -353.2 -383.8 -315.8 -226.9 -193.0 -422.7 -393.3
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* $50 million or less.
NIPAs which do not include this element of government expenditure.
Every year during the period 1975-1992, the budget deficit exceeded in
absolute value net Federal Government saving as measured in the NIPAs.
The largest difference, $78.8 billion, occurred in 1991 as a result of
resolving failed financial institutions as discussed above; the budget
deficit was then -$269.2 billion, while the NIPA net Government saving
was -$190.5 billion. In 1993-2002, NIPA net Federal Government saving
exceeded the budget deficit in absolute value when the budget was in
deficit and fell short of the budget surplus during the years the budget
was in surplus. For 2003-2006, and again for 2009, the NIPA net Federal
Government saving was, or is estimated to be, smaller than the budget
deficit in absolute value, while for 2007 and 2008 the reverse is the
case.
Table 14-1 displays Federal transactions using NIPA concepts with
actual data for 1998-2007 and estimates for 2008 and 2009 consistent
with the Administration's budget proposals. Table 14-2 summarizes the
reasons for differences between the data. Annual NIPA data for 1948-2009
are published in Section 14 of a separate budget volume, Historical
Tables, Budget of the U.S. Government, Fiscal Year 2009.
Detailed estimates of NIPA current receipts and expenditures
consistent with the budget and including quarterly estimates will be
published in a forthcoming issue of the Department of Commerce
publication, Survey of Current Business and on the Bureau of Economic
Analysis website at www.bea.doc.gov/bea/pubs.htm.