The Treasury's monthly statement of federal receipts, outlays and the deficit. In sectoral-balance terms, the government's deficit is — to the dollar — the non-government sector's surplus: a flow that accumulates as private financial assets and, via the Kalecki identity, feeds corporate profits.
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.
Reading notes: The MTS is fiercely seasonal — read YoY or fiscal-year-to-date rather than month-over-month: April usually prints a surplus on final tax settlements, while December and June are distorted by corporate estimated payments. The structural line worth watching is interest outlays, now among the largest federal spending categories and still climbing as the debt stock reprices (see the average interest rate page). In sectoral-balance accounting, interest is an income flow to the non-government sector like any other outlay: for a given primary deficit, a rising interest bill mechanically widens the total deficit and hence the non-government sector's net accumulation of financial assets — a flow that grows without any new legislation, though how much demand it generates depends on the marginal propensity to consume of those who hold the bonds.