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2008 United States federal budget

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FieldValue
titleBudget of the United States federal government
year2008
countryUnited States
previous_budget2007 United States federal budget
previous_year2007
next_budget2009 United States federal budget
next_year2009
date_submittedFebruary 5, 2007
submitterGeorge W. Bush
submitted_to[110th Congress](110th-united-states-congress)
Total_Revenue$2.662 trillion *(requested)*
$2.524 trillion *(actual)*
17.1% of GDP *(actual)*
Total_Expenditures$2.902 trillion *(requested)*
$2.983 trillion *(actual)*
20.2% of GDP *(actual)*
deficit$239 billion *(requested)*
$458.6 billion *(actual)*
3.1% of GDP *(actual)*
debt$9.986 trillion *(at fiscal end)*
67.7% of GDP *(actual)*
gdp$14.752 trillion
url[Office of Management and Budget](http://www.gpo.gov/fdsys/browse/collection.action?collectionCode=BUDGET&browsePath=Fiscal+Year+2008)

Main article: United States federal budget

$2.524 trillion (actual) 17.1% of GDP (actual) $2.983 trillion (actual) 20.2% of GDP (actual) $458.6 billion (actual) 3.1% of GDP (actual) 67.7% of GDP (actual)

The 2008 United States Federal Budget began as a proposal by President George W. Bush to fund government operations for October 1, 2007 – September 30, 2008. The requested budget was submitted to the 110th Congress on February 5, 2007.

The government was initially funded through a series of four temporary continuing resolutions. Final funding for the Department of Defense was enacted on November 13, 2007 as part of the Department of Defense Appropriations Act, 2008, while the remaining departments and agencies were funded as part of an omnibus spending bill, the Consolidated Appropriations Act, 2008, on December 26, 2007.

Total receipts

Receipts by source: (in billions of dollars)

Sourceurl=http://www.gpo.gov/fdsys/pkg/BUDGET-2008-DB/xls/BUDGET-2008-DB-3.xlswork=Fiscal Year 2008 Public Budget Databasetitle=2008 Public Budget Databaseat=Receipts: Public Budget Databasepublisher=United States Office of Management and Budgetaccess-date=14 March 2015}}url=http://www.gpo.gov/fdsys/pkg/BUDGET-2010-BUD/pdf/BUDGET-2010-BUD.pdf#page=125work=Fiscal Year 2010 Budget of the U.S. Governmenttitle=Summary Tablesat=Table S–4: Proposed Budget by Categorypublisher=United States Office of Management and Budgetaccess-date=14 March 2015}}
Individual income tax
Corporate income tax
Social Security and other payroll tax
Excise tax
Estate and gift taxes
Customs duties
Deposits of earnings and Federal Reserve System-
Other miscellaneous receipts
**Total**********

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.

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

References

  1. (February 5, 2007). "THE BUDGET MESSAGE OF THE PRESIDENT".
  2. "2008 Budget Summary Tables". Government Publishing Office.
  3. "2010 Historical Tables". Government Publishing Office.
  4. "Fiscal Year 2016 Budget Historical Tables". Office of Management and Budget.
  5. "Table 1.2—SUMMARY OF RECEIPTS, OUTLAYS, AND SURPLUSES OR DEFICITS (–) AS PERCENTAGES OF GDP: 1930–2020". Government Publishing Office.
  6. "Appropriations for Fiscal Year 2008".
  7. "2008 Public Budget Database". United States Office of Management and Budget.
  8. "Summary Tables". United States Office of Management and Budget.
  9. [https://www.nytimes.com/cfr/world/slot3_20080204.html?ref=world Backgrounder: Iraq, Afghanistan, and the U.S. Economy]
Info: Wikipedia Source

This article was imported from Wikipedia and is available under the Creative Commons Attribution-ShareAlike 4.0 License. Content has been adapted to SurfDoc format. Original contributors can be found on the article history page.

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