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NIPA Translation of the Fiscal Year 2025 Federal Budget
These federal government budget estimates, which are based on the proposed budget of the U.S. government, are often used to gauge the effects of the federal budget on U.S. economic activity.
A Look at the U.S. International Transactions
The U.S. current-account deficit decreased to $194.8 billion in the fourth quarter of 2023 from $196.4 billion in the third quarter of 2023.
Government Receipts and Expenditures
Net government saving increased $107.2 billion to −$1,770.1 billion in the fourth quarter of 2023. Net federal government saving increased $33.0 billion to −$1,631.1 billion. Net state and local government saving increased $74.1 billion to −$139.1 billion.
A Look at the U.S. International Investment Position
The net international investment position decreased from −$18.11 trillion in the third quarter to −$19.77 trillion in the fourth quarter.
A Look at the U.S. International Transactions
The U.S. current-account deficit decreased to $200.3 billion in the third quarter of 2023 from $216.8 billion in the second quarter of 2023.
Government Receipts and Expenditures
Net government saving decreased $38.8 billion to −$1,889.2 billion in the third quarter of 2023. Net federal government saving decreased $10.3 billion to −$1,676.0 billion. Net state and local government saving decreased $28.5 billion to −$213.2 billion.