2008 United States federal budget
|
‹ 2007 2009 › | |
| Submitted | February 5, 2007 [1] |
|---|---|
| Submitted by | George W. Bush |
| Submitted to | 110th Congress |
| Total revenue | $2.7 trillion (estimated) |
| Total expenditures | $2.9 trillion (estimated) |
| Deficit |
$239 billion (requested) $454.8 billion (actual) |
| Debt | $10.02 trillion (estimated) |
| Website | Office of Management and Budget |
The United States federal budget for fiscal year 2008 was a spending request by President George W. Bush to fund government operations for October 2007-September 2008. Figures shown in this article do not reflect the actual appropriations by Congress for Fiscal Year 2008.
Total receipts
2008 Actual Receipts by Source
(in billions of dollars)
| Source | Requested[2] | Actual[3] |
|---|---|---|
| Individual income tax | 1,247 | 1,146 |
| Corporate income tax | 315 | 304 |
| Social Security and other payroll tax | 927 | 901 |
| Excise tax | 68 | 67 |
| Estate and gift taxes | 26 | 29 |
| Customs duties | 29 | 28 |
| Deposits of earnings and Federal Reserve System | - | 34 |
| Other miscellaneous receipts | 51 | 17 |
| Total | 2,662 | 2,524 |
Total spending
The President's budget for 2008 totals $2.9 trillion. Percentages in parentheses indicate percentage change compared to 2007. This budget request is broken down by the following expenditures:
- Mandatory spending: $1.788 trillion (+4.2%)
- $608 billion (+4.5%) - Social Security
- $386 billion (+5.2%) - Medicare
- $209 billion (+5.6%) - Medicaid and the State Children's Health Insurance Program (SCHIP)
- $324 billion (+1.8%) - Unemployment/Welfare/Other mandatory spending
- $261 billion (+9.2%) - Interest on National Debt
- Discretionary spending: $1.114 trillion (+3.1%)
- $481.4 billion (+12.1%) - Department of Defense
- $145.2 billion (+45.8%) - Global War on Terror
- $69.3 billion (+0.3%) - Department of Health and Human Services
- $56.0 billion (+0.0%) - Department of Education
- $39.4 billion (+18.7%) - Department of Veterans Affairs
- $35.2 billion (+1.4%) - Department of Housing and Urban Development
- $35.0 billion (+22.0%) - Department of State and Other International Programs
- $34.3 billion (+7.2%) - Department of Homeland Security
- $24.3 billion (+6.6%) - Department of Energy
- $20.2 billion (+4.1%) - Department of Justice
- $20.2 billion (+3.1%) - Department of Agriculture
- $17.3 billion (+6.8%) - National Aeronautics and Space Administration
- $12.1 billion (+13.1%) - Department of Transportation
- $12.1 billion (+6.1%) - Department of the Treasury
- $10.6 billion (+2.9%) - Department of the Interior
- $10.6 billion (-9.4%) - Department of Labor
- $51.8 billion (+9.7%) - Other On-budget Discretionary Spending
- $39.0 billion - Other Off-budget Discretionary Spending
The Iraq War and the War in Afghanistan are not included in the regular budget. Instead they are funded through special appropriations.[4]
Deficit
With projected receipts significantly less than projected outlays, the budget proposed by President Bush predicts a net deficit of approximately 240 billion dollars. The actual deficit was 454.8 billion.
References
- ↑ "Press Briefing by OMB Director Rob Portman". Press Briefing by OMB Director Rob Portman on the President's Fiscal Year 2008 Budget. archives.gov. 5 February 2007. Retrieved 20 March 2015.
- ↑ "2008 Public Budget Database". Fiscal Year 2008 Public Budget Database. United States Office of Management and Budget. Receipts: Public Budget Database. Retrieved 14 March 2015.
- ↑ "Summary Tables". Fiscal Year 2010 Budget of the U.S. Government. United States Office of Management and Budget. Table S–4: Proposed Budget by Category. Retrieved 14 March 2015.
- ↑ Backgrounder: Iraq, Afghanistan, and the U.S. Economy