The federal budget balance as a fraction of GDP : Tracking data from two sources with two different calendars

The FRED Blog has discussed how many weekdays there are per month, quarter, and year. (It may seem trivial, but when you work with data, you need to be precise about federal and local holidays and how weekends shake out in a given month.)
Today, we consider two data sources, each with its own calendar year.
The FRED graph above shows the balance of the federal government budget as a percent of GDP. To calculate the budget balance, we subtract the value of federal net outlays from the value of federal receipts. Because those receipts and outlays change with the overall level of economic activity, we divide their difference by GDP and multiply by 100 to show it at as annual percentage.
And here’s the rub: Federal receipts and net outlays are reported by the Office of Management and Budget (OMB) for the fiscal year, which runs from October of the previous year

Federal Reserve Source

Author: RealEstate