This page presents the U.S. Treasury's monthly receipts, outlays, and deficit. Minsky highlighted three key reasons why government deficits matter. First, government spending and transfers contribute to aggregate demand, thereby supporting employment. Second, deficits increase private sector asset holdings, generating a wealth effect—though it is important to note the substantial heterogeneity within the "private" sector. Third, deficits add to the aggregate gross profits of firms (as described by the Kalecki Equation), thereby enhancing their capacity to service debt.