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President Barack Obama with OMB Director Peter Orszag. |
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| Submitted | February 2009 |
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| Submitted by | Barack Obama |
| Submitted to | 111th Congress |
| Passed | Passed [1] |
| Total revenue | $2.381 trillion (requested) $2.165 trillion (enacted)[1] |
| Total expenditures | $3.552 trillion (requested) $3.721 trillion (enacted)[1] |
| Deficit | $1.171 trillion (requested) $1.267 trillion (enacted)[1] |
| Debt | $14.078 trillion (requested) |
| Website | US Government Printing Office |
The United States Federal Budget for Fiscal Year 2010, titled A New Era of Responsibility: Renewing America's Promise,[2] is a spending request by President Barack Obama to fund government operations for October 2009–September 2010. Figures shown in the spending request do not reflect the actual appropriations for Fiscal Year 2010, which must be authorized by Congress.
The subsequent 2010 Financial Report of the United States Government, reporting on the implementation of the 2010 non-Congressionally approved Budget, shows a net operating cost of $2,080 billion, although since this includes accounting provisions (estimates of future liabilities), the cash rather than accruals deficit is $1,294 billion.[3] According to the Government Accountability Office, the 'accrual deficit provides more information on the longer-term implications of the government's annual operations'.[4] Gross costs rose 20% from $3,736 billion in 2009 to $4,472 billion ($3,552 billion budgeted[5]), while total taxes and other revenues rose 1% from $2,198 billion to $2,217 billion.[6] The Government Accountability Office was unable to provide an audit opinion on the 2010 financial statements due to 'widespread material internal control weaknesses, significant uncertainties, and other limitations', although it noted that significant progress had been made.[7] The GAO cited as the principal obstacle to its provision of an audit opinion 'serious financial management problems at the Department of Defense that made its financial statements unauditable'.[7] The GAO identified during its audit work an estimated $125.4 billion of 'improper payments'.[7] Thirteen of the twenty-four Government Agency Heads either qualified or withheld their assurance statements.[8]
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The President's budget request for 2010 totals $3.55 trillion. Percentages in parentheses indicate percentage change compared to 2009. This budget request is broken down by the following expenditures:[9]
The total salary for fiscal year 2010 was $1.17 trillion.
The 2009 budget deficit would represent 12.3% of gross domestic product,[10] the largest share since World War II.[11]
The 2010 Budget proposed by President Barack Obama projects significant debt increases. A $220 billion increase from the already significant budget shortfall inherited at $1.2 trillion in 2009 from the GW Bush Administration.[12][13] The high level of debt and continuing large trade deficits have raised concerns regarding inflation and the value of the dollar relative to other currencies, as well as its place as the primary reserve currency. The Economist wrote in May 2009: "Having spent a fortune bailing out their banks, Western governments will have to pay a price in terms of higher taxes to meet the interest on that debt. In the case of countries (like Britain and America) that have trade as well as budget deficits, those higher taxes will be needed to meet the claims of foreign creditors. Given the political implications of such austerity, the temptation will be to default by stealth, by letting their currencies depreciate. Investors are increasingly alive to this danger..."[14]
The U.S. budget situation has deteriorated significantly since 2001, when the Congressional Budget Office (CBO) forecast average annual surpluses of approximately $850 billion from 2009–2012. The average deficit forecast in each of those years is now approximately $1.215 trillion.
CBO data is based only on current law, so policy proposals that have yet to be made law are not included in their analysis.
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