2009 United States federal budget

The United States federal budget for fiscal year 2009 began as a spending request submitted by President George W. Bush to the 110th Congress. The final resolution written and submitted by the 110th Congress to be forwarded to the President was approved by the House on June 5, 2008.[5]

Main article: United States federal budget
2009 (2009) Budget of the United States federal government
SubmittedFebruary 4, 2008 [1]
Submitted byGeorge W. Bush
Submitted to110th United States Congress
Total revenue$2.7 trillion (estimated)
$2.105 trillion (actual)[2]
14.6% of GDP (actual)[3]
Total expenditures$3.107 trillion (estimated)
$3.518 trillion (actual)[2]
24.4% of GDP (actual)[3]
Deficit$407 billion (requested)
$1.413 trillion (actual)[2]
9.8% of GDP (actual)[3]
Debt$11.876 trillion (at fiscal end)
82.4% of GDP[4]
GDP$14.415 trillion[3]
WebsiteOffice of Management and Budget
‹ 2008
2010 ›

The government was initially funded through three temporary continuing resolutions. Final funding for the Department of Defense, Department of Homeland Security, and Department of Veterans Affairs was enacted on September 30, 2008 as part of the Consolidated Security, Disaster Assistance, and Continuing Appropriations Act, 2009, while the remaining departments and agencies were funded as part of an omnibus spending bill, the Omnibus Appropriations Act, 2009, on March 10, 2009.[6]

Total receipts

2009 Actual Receipts by Source

  Individual income tax (43.8%)
  Social Security/other payroll tax (41.1%)
  Corporate income tax (7.5%)
  Excise tax (3.2%)
  Deposits of earnings and Federal Reserve System (1.3%)
  Estate and gift taxes (1.3%)
  Customs duties (1.1%)
  Other miscellaneous receipts (0.7%)

(in billions of dollars)

Source Requested[7] Enacted[8] Actual[9]
Individual income tax 1,259 958 915
Corporate income tax 339 165 138
Social Security and other payroll tax 949 898 891
Excise tax 69 71 62
Estate and gift taxes 26 28 23
Customs duties 29 24 22
Deposits of earnings and Federal Reserve System - 28 34
Other miscellaneous receipts 28 16 18
Total 2,700 2,186 2,105

Total spending
Further information: Government spending
A dot plot representing spending by category for the US budget for 2009

The 110th Congress' budget for 2009 totaled $3.1 trillion. Percentages in parentheses indicate percentage change compared to 2008. This budget request is broken down by the following expenditures:

The financial cost of the Iraq War and the War in Afghanistan are not part of the defense budget; they were appropriations.

Deficit

Decreased tax revenue and high spending resulted in an unusually large budget deficit of about $1.4 trillion, well above the $407 billion projected in the FY 2009 budget.[10] A 2009 CBO report indicated that $245 billion, about half of the excess spending, was a result of the 2008 TARP bailouts. Spending increases and tax credits resulting from the American Recovery and Reinvestment Act of 2009 accounted for another $200 billion of the budget deficit.

References
  1. "Fiscal Year 2009 Managing for Results". Fiscal Year 2009 Managing for Results. archives.gov. February 4, 2008. Retrieved March 20, 2015.
  2. "Summary Tables". 2011 Budget of the U.S. Government. United States Office of Management and Budget. February 1, 2010. Retrieved December 8, 2011.
  3. "Table 1.2—SUMMARY OF RECEIPTS, OUTLAYS, AND SURPLUSES OR DEFICITS (–) AS PERCENTAGES OF GDP: 1930–2020" (PDF). Government Publishing Office. Retrieved October 8, 2015.
  4. "Fiscal Year 2016 Budget Historical Tables" (PDF). Office of Management and Budget. Archived from the original (PDF) on October 21, 2015. Retrieved October 8, 2015.
  5. "Final Vote Results for Roll Call 382". United States House of Representatives. June 5, 2008. Retrieved December 14, 2012.
  6. "Appropriations for Fiscal Year 2009". U.S. Congress. Retrieved March 31, 2018.
  7. "2009 Public Budget Database". Fiscal Year 2009 Public Budget Database. United States Office of Management and Budget. Receipts: Public Budget Database. Retrieved March 14, 2015.
  8. "Summary Tables" (PDF). Fiscal Year 2010 Budget of the U.S. Government. United States Office of Management and Budget. Table S–4: Proposed Budget by Category. Retrieved March 14, 2015.
  9. "Summary Tables" (PDF). Fiscal Year 2011 Budget of the U.S. Government. United States Office of Management and Budget. Table S–4: Proposed Budget by Category. Retrieved March 14, 2015.
  10. "Budget of the US Government, FY 2011" (PDF). Office of Management and Budget. Archived from the original (PDF) on July 7, 2011. Retrieved July 21, 2011.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.