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National Government Budget

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Outlays (Spending), Revenue, Deficits or Surpluses, and National Debt

Note that the inflation conversion factors are based on calendar year rather than national government budget year (fiscal year, often abbreviated FY).  Because this applies to all years, no distortions should result from the minor divergence.  The national government budget year begins October 1 and is named after the calendar year in which it ends.  Until 1976 the national government budget year began July 1.  (The period July 1 to September 30, 1976 is called the “transitional quarter,” generally abbreviated TQ.)