The White House released the President’s Budget today; it is a $6 trillion dollar package that picks up where the COVID pandemic relief spending left off. For context, the pre-pandemic budget proposal for FY2021 was $4.9 billion. That got blown up by COVID relief spending. Below are three charts to show the scope. First, total federal outlays to date and proposed under the federal budget.
Second, revenue to the Federal government by source by percent. In 2010, taxes (personal, corporate, and excise) were about 54 percent of federal revenue, in 2021 they were about 57 percent, and by 2026 they are projected to be 64 percent. The balance is Social Security receipts, federal trust income, and interest income.
And third, USDA...
What You Need to Know Today: Markets got a surprise with a corn yield of 181.2 bushels/acre in the October WASDE, above the average estimate of 177.6 bushels/acre and up from USDA’s September estimate of 178.5 bushels/acre. Although stronger demand is expected to absorb some of the addit...
Key Takeaways: On Friday afternoon, President Trump announced that Russia will “immediately supply over 300,000 Tons of Diesel Fuel” to the United States. The deal, typical of this administration, is light on details but promises an additional 500,000 tons in November and 1 m...
The USDA has lowered its 2026 red meat production forecasts slightly while forecasting a slight increase in broiler production. Beef is now projected at 24.802 billion pounds, 75 million pounds less than in September. Cow slaughter is expected to be up; however, this will be offset by lower ste...
