The final figures are out from the Obama Administration on the yearly budget deficit, which came in as the second highest all time, after last year. The final figure was just under $1.3 trillion. Here are all the nitty gritty details courtesy of the Treasury Department.
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Joint Statement of Timothy Geithner, Secretary of the Treasury, and Jeffrey Zients, Acting Director of the Office of Management and Budget, on Budget Results for Fiscal Year 2010
WASHINGTON, D.C.
- U.S. Treasury Secretary Tim Geithner and Office of Management and Budget
(OMB) Acting Director Jeffrey Zients today released details of the final fiscal
year (FY) 2010 budget results. In making the announcement, Geithner and Zients
underscored the Administration's commitment to getting Federal finances back on
a sustainable path and ending emergency programs that proved instrumental to
reviving growth while beginning the process of bringing down our deficit. As a
result, our fiscal outlook, which remains challenging, has improved over the
past year.
Summary of Fiscal Year 2010 Budget Results
Fiscal Year 2010 Receipts
Fiscal Year 2010 Outlays
- Department of Agriculture -- Outlays for the Department of Agriculture were $129.5 billion, $10.8 billion below the MSR estimate. Major differences from MSR projections include:
- Department of Commerce -- Outlays for the Department of Commerce were $13.2 billion, $2.7 billion less than the MSR estimate. Three-fifths of the difference is due to favorable performance of the 2010 Decennial Census, including higher-than-expected workforce productivity and a higher-than-expected Census questionnaire mail-back response rate that reduced the need for costly non-response follow-up operations, resulting in no need to tap contingency funds set aside for disasters or major operational failures.
- Department of Defense -- Outlays for the Department of Defense (DoD) were $666.7 billion, $20.1 billion less than estimated in the MSR. Nearly half of the total difference was due to slower-than-expected outlays in the Department's procurement accounts, with much of the shortfall resulting from late passage of the FY 2010 Supplemental Appropriations Act. For example, DoD spent $1.4 billion less than expected for Air Force aircraft (especially C-130 Hercules transport aircraft), $1.8 billion less than projected for the Afghanistan Security Forces Fund, and $1.0 billion less than projected for Mine Resistant Ambush Protected Vehicles purchases. Another example of lower-than-projected outlays was in the DoD Working Capital funds, which were $2.5 billion lower than expected due to higher-than-projected sales and lower-than-anticipated fuel costs.
- Department of Education -- Outlays for the Department of Education were $92.9 billion in FY 2010, $4.5 billion less than the MSR estimate. This difference was largely due to outlays from the State Fiscal Stabilization Fund, which were $3.6 billion lower than estimated in the MSR. A variety of smaller Department of Education programs made up the remainder of the difference.
- Department of Energy -- Outlays for the Department of Energy were $30.7 billion, $1.7 billion lower than the MSR estimate. Outlays for the Energy Efficiency and Renewable Energy account were $880 million below MSR estimates. Lower outlays for Fossil Energy, $193 million less than the MSR estimate, and Science, $219 million less than the MSR estimate, were due primarily to later than assumed awarding of funds. Outlays for the National Nuclear Security Administration were $823 million less than estimated in the MSR because of lags in contractors billing the Department of Energy for costs incurred at the end of the year.
- Department of Health and Human Services -- Outlays for the Department of Health and Human Services (HHS) were $854.1 billion in FY 2010, $9.8 billion below the MSR estimate. Medicare gross outlays were $525.6 billion, $7.3 billion or 1.3 percent less than MSR estimates. This difference was largely due to lower-than-expected Part B gross expenditures, which were $7.8 billion (3.5 percent) lower than projected in the MSR. The lower Part B outlays were partly due to lower-than-expected volume growth for Part B services. Part A expenditures finished FY 2010 about $600 million (0.3 percent) above MSR estimates, while Part D spending was about $300 million (0.6 percent) higher than projected. Actual year-end Medicaid outlays were $1.7 billion (0.6 percent) lower than MSR estimates. While year-end financial and enrollment data are still being finalized, the difference between the estimated and actual Medicaid spending growth appears to be primarily the result of lower-than-projected administrative spending, likely due to stronger efforts by States to control program spending. Actual year-end Children's Health Insurance Program (CHIP) outlays were $1.0 billion (11.5 percent) lower than MSR estimates. The difference between the estimated and actual CHIP spending was due to lower-than-projected State spending for health coverage, compared with State estimates received during development of the MSR. While actual outlays were less than MSR estimates, CHIP spending still increased by $341 million (4.5 percent) over FY 2009.
- Department of Homeland Security -- Outlays for the Department of Homeland Security were $44.5 billion, $7.3 billion less than the MSR estimate. Approximately $6 billion of this difference was due to the later-than-expected passage of the FY 2010 Supplemental Appropriations Act, along with enactment in August of the FY 2010 Emergency Border Security Supplemental Appropriations Act. Due to the late passage of these bills, the Department was required to limit spending from the Federal Emergency Management Agency's Disaster Relief Fund (DRF) to immediate needs or emergency funding only. Also, the mild 2010 hurricane season reduced the need to spend from the DRF. In addition, Customs and Border Protection outlays were lower and funding provided in the border supplemental was carried over into FY 2011. Outlays for the Transportation Security Administration (TSA) were $720 million below the MSR estimate. This difference was attributable to slower-than-expected obligation of program funding for the TSA explosives detection systems and checkpoint programs, due in part to additional airport security projects not being ready for funding by the end of FY 2010.
- Department of Housing and Urban Development -- Outlays for the Department of Housing and Urban Development were $60.1 billion in FY 2010, $1.0 billion below the MSR estimate. More than half of this difference ($512 million) was due to lower-than-expected spending in the Community Development Fund because of slower spending from the $6.1 billion supplemental provided for 2008 disaster recovery (P.L. 110-329) and $2 billion provided for Neighborhood Stabilization Program II (P.L. 111-5). Outlays for disaster recovery activities are often uneven. The remainder of the difference was due to higher-than-expected interest earnings by the Government National Mortgage Association and higher-than-anticipated loan volume and recoveries from defaulted loans in the FHA General and Special Risk Insurance programs.
- Department of Interior --Outlays for the Department of the Interior were $13.2 billion, $1.0 billion more than estimated in the MSR. The MSR estimate included $2.0 billion in receipts from the Department of the Treasury relating to the Cobell v. Salazar settlement, which has not yet been approved by Congress. This difference was offset in Treasury outlays. Offsetting receipts from Mineral Leasing, Public Lands were $256 million higher and Reclamation Fund, Royalties on Natural Resources had receipts that were $184 million higher than MSR estimates.
- Department of Labor -- Outlays for the Department of Labor were $172.9 billion in FY 2010, $7.8 billion less than the MSR estimate. Most of the difference was due to lower-than-expected spending on unemployment compensation benefits, including Emergency Unemployment Compensation. The insured unemployment rate has been lower than projected at MSR, which results in lower benefit outlays. Lower-than-anticipated outlays at the Pension Benefit Guaranty Corporation accounted for about $1 billion of the difference, primarily due to higher PBGC interest income than estimated in the MSR.
- Department of State -- Outlays for the Department of State were $23.8 billion in FY 2010, $2.0 billion below the MSR estimate. Most of the difference was due to the Global Health and Child Survival account, outlays for which were $1.9 billion below the MSR estimate. Changes in State's operational planning process delayed obligations and transfers in this account by 3 months, thus delaying the typical fourth-quarter surge in outlays to purchase commodities for the President's Emergency Plan for AIDS Relief.
- Department of Transportation -- Outlays for the Department of Transportation were $77.8 billion, $7.7 billion lower than projected in the MSR. The surface transportation programs, which were $6.0 billion below MSR projections, were affected by uncertainty due to numerous short-term program authorization extensions. The largest difference was in the Federal Highway Administration, where Federal Aid Highway program outlays were $4.4 billion below the MSR projection. In addition, Federal Transit Administration program outlays were $1.4 billion below expected levels. For these two programs, short-term authorizations limited States' ability to obligate funds in a timely manner. Further, other program outlays were lower because States were focused on Recovery Act projects and using those funds before they expired.
- Department of the Treasury -- Outlays for the Department of Treasury totaled $444.4 billion, $49.0 billion lower than the MSR estimate. Major differences from the MSR estimate include the following:
- Department of Veterans Affairs -- Outlays for the Department of Veterans Affairs were $108.3 billion in FY 2010, $6.9 billion less than the MSR estimate. The Compensation and Pensions program accounted for nearly $4.9 billion of the difference. Of the $4.9 billion, $4.0 billion represents supplemental funds provided for new Agent Orange claims by P.L. 111-212 that were expected to be obligated before the end of the fiscal year. However, publication of the final regulation establishing the new Agent Orange presumptions took longer than originally expected. Because of the mandatory 60-day waiting period required under the Congressional Review Act, none of these funds will be obligated until the end of October 2010. Most of the remaining $0.9 billion in lower Compensation and Pensions outlays resulted from a decline in retroactive benefit payments from the levels observed earlier in the fiscal year, along with fewer-than-expected original claims for Disability Compensation. In addition, $0.5 billion of the lower outlays occurred due to the Readjustment Benefits program. Nearly 150,000 more service members and veterans than expected chose to use the less generous, but somewhat more flexible, Chapter 30 education benefits rather than convert to Chapter 33 education benefits. An additional $0.6 billion reduction in outlays occurred in the Information Technology account, attributable to the implementation of the Project Management Accountability System, which resulted in unexpected development project delays and lower-than-expected staffing levels.
- International Assistance Programs -- Outlays for International Assistance Programs were $20.0 billion in FY 2010, $1.3 billion below the MSR estimate. Outlays for the Millennium Challenge Corporation were $1.1 billion lower than projected in the MSR due to lower-than-expected disbursements. In addition, outlays for the Agency for International Development (USAID) were $0.8 billion below the MSR estimate due primarily to lower-than-expected outlays in USAID's Operating Expenses account for its capital expansion program as well as late-fiscal-year reprogramming that further delayed outlays. The third major factor was Economic Support Fund outlays, which were $1.3 billion less than the MSR estimate due to longer-than-usual consultation with Congress on use of economic assistance funds in Afghanistan and Pakistan. Partially offsetting these reduced outlays, net outlays relating to Foreign Military Sales (FMS) were $2.1 billion higher than the MSR estimate due to higher spending on FMS contracts and lower-than-anticipated receipts.
- Office of Personnel Management -- The Office of Personnel Management had outlays of $69.9 billion in FY 2010, $1.6 billion less than estimated in the MSR. The difference was almost entirely due to net outlays for the Employee and Retired Employee Health Benefits Funds, which were $1.5 billion lower than expected, due to lower-than-anticipated claims presented by experience-rated carriers.
- Social Security Administration -- Outlays for the Social Security Administration (SSA) were $754.2 billion in FY 2010, $13.9 billion less than the MSR estimate. Nearly all of this difference arose because the MSR proposal for a second round of $250 Economic Recovery Payments has not been enacted. The MSR estimated that this proposal would raise FY 2010 outlays for SSA by $12.5 billion.
- Federal Deposit Insurance Corporation -- The Federal Deposit Insurance Corporation (FDIC) had actual net outlays of -$20.6 billion, $13.6 billion higher than the MSR estimate of -$34.2 billion. The difference was largely driven by lower-than-anticipated proceeds from the liquidation of banks held in FDIC receivership. This difference was partially offset by lower-than-expected payments related to FDIC's guarantee of non-interest bearing transaction accounts.
- National Credit Union Administration -- Net outlays for the National Credit Union Administration (NCUA) were -$11.4 billion, a difference of $1.4 billion from the MSR estimate of -$10.0 billion. Unanticipated borrowing to improve liquidity in the Temporary Corporate Credit Union Stabilization Fund led to a $1 billion assessment on Federally insured credit unions. The assessment was not included in the MSR estimate and primarily accounts for the difference.
- Postal Service -- The United States Postal Service (USPS) had actual net outlays of $4.8 billion, $1.7 billion lower than the MSR estimate. The majority of the difference was due to lower-than-anticipated USPS expenses, allowing USPS to borrow $1.2 billion less from the Federal Financing Bank at the Department of the Treasury in FY 2010 than was expected.
- Railroad Retirement Board -- FY 2010 outlays for the Railroad Retirement Board (RRB) of $5.1 billion were $1.1 billion lower than estimated in the MSR. This was the result of higher-than-expected market gains on non-Federal securities held by the RRB. The Railroad Retirement and Survivors Improvement Act of 2001 permitted assets of Tier II of the Railroad Retirement program to be invested in private equities. Net returns for FY 2010 on non-Federal securities, including unrealized gains and losses, were $0.9 billion higher than estimated in the MSR.
- Undistributed Offsetting Receipts -- Undistributed offsetting receipts were $267.9 billion in FY 2010, $1.8 billion lower (higher net outlays) than the MSR estimate. Interest received by trust funds was $185.8 billion, $4.0 billion lower than the MSR estimate (higher net outlays), due largely to lower-than-estimated interest earnings for the Civil Service Retirement and Disability Fund (CSRDF). Partially offsetting these higher net outlays were receipts of Federal employer payments into the CSRDF, which were $1.5 billion more than projected in the MSR.
The final figures are out from the Obama Administration on the yearly budget deficit, which came in as the second highest all time, after last year. The final figure was just under $1.3 trillion. Here are all the nitty gritty details courtesy of the Treasury Department.= Joint Statement of Treasury ...
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