2010 United States federal budget
|Submitted by||Barack Obama|
|Submitted to||111th Congress|
|Total revenue||$2.381 trillion (requested)
$2.163 trillion (actual)
|Total expenditures||$3.552 trillion (requested)
$3.456 trillion (actual)
|Deficit||$1.171 trillion (requested)
$1.293 trillion (enacted)
|Debt||$13.56 trillion (estimated)|
|Website||http://www.gpoaccess.gov/usbudget/fy10/index.html US Government Printing Office|
The United States Federal Budget for Fiscal Year 2010, titled A New Era of Responsibility: Renewing America's Promise, 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 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. According to the Government Accountability Office, the 'accrual deficit provides more information on the longer-term implications of the government's annual operations'. Gross costs rose 20% from $3,736 billion in 2009 to $4,472 billion ($3,552 billion budgeted), while total taxes and other revenues rose 1% from $2,198 billion to $2,217 billion. 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. 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'. The GAO identified during its audit work an estimated $125.4 billion of 'improper payments'. Thirteen of the twenty-four Government Agency Heads either qualified or withheld their assurance statements.
The President's budget request for 2010 totals $3.55 trillion but was never officially passed in Congress. Percentages in parentheses indicate percentage change compared to 2009. This budget request is broken down by the following expenditures:
- Mandatory spending: $2.173 trillion (+14.9%)
- Discretionary spending: $1.378 trillion (+13.8%)
- $663.7 billion (+12.7%) – Department of Defense (including Overseas Contingency Operations)
- $78.7 billion (−1.7%) – Department of Health and Human Services
- $72.5 billion (+2.8%) – Department of Transportation
- $52.5 billion (+10.3%) – Department of Veterans Affairs
- $51.7 billion (+40.9%) – Department of State and Other International Programs
- $47.5 billion (+18.5%) – Department of Housing and Urban Development
- $46.7 billion (+12.8%) – Department of Education
- $42.7 billion (+1.2%) – Department of Homeland Security
- $26.3 billion (−0.4%) – Department of Energy
- $26.0 billion (+8.8%) – Department of Agriculture
- $23.9 billion (−6.3%) – Department of Justice
- $18.7 billion (+5.1%) – National Aeronautics and Space Administration
- $13.8 billion (+48.4%) – Department of Commerce
- $13.3 billion (+4.7%) – Department of Labor
- $13.3 billion (+4.7%) – Department of the Treasury
- $12.0 billion (+6.2%) – Department of the Interior
- $10.5 billion (+34.6%) – Environmental Protection Agency
- $9.7 billion (+10.2%) – Social Security Administration
- $7.0 billion (+1.4%) – National Science Foundation
- $5.1 billion (−3.8%) – Corps of Engineers
- $5.0 billion (+100%-NA) – National Infrastructure Bank
- $1.1 billion (+22.2%) – Corporation for National and Community Service
- $0.7 billion (0.0%) – Small Business Administration
- $0.6 billion (−14.3%) – General Services Administration
- $0 billion (−100%-NA) – Troubled Asset Relief Program (TARP)
- $0 billion (−100%-NA) – Financial stabilization efforts
- $11 billion (+275%-NA) – Potential disaster costs
- $19.8 billion (+3.7%) – Other Agencies
- $105 billion – Other
The total deficit for fiscal year 2010 was $1.17 trillion.
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. 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..."
Causes of change in CBO forecasts
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.
- "Summary Tables". 2012 Budget of the U.S. Government. United States Office of Management and Budget. 14 February 2011. Retrieved 15 March 2013.
- "2010 Financial Report of the United States Government (vid. pp.v, 43)". US Government Accountability Office. Retrieved 7 January 2011.
- "Measuring the Deficit: Cash vs. Accrual". Government Accountability Office. Archived from the original on 19 January 2011. Retrieved 19 January 2011.
- "FY 2010 Budget, 'A New Era of Responsibility' vid. p.114". Government Accountability Office. Archived from the original on 16 January 2011. Retrieved 23 January 2011.
- "2010 Financial Report of the United States Government (vid. p.xi)". US Government Accountability Office. Archived from the original on 5 January 2011. Retrieved 7 January 2011.
- "US Government's 2010 Financial Report Shows Significant Financial Management and Fiscal Challenges". US Government Accountability Office. Archived from the original on 5 January 2011. Retrieved 7 January 2011.
- "2010 Financial Report of the United States Government (vid. p.203)". US Government Accountability Office. Archived from the original on 5 January 2011. Retrieved 7 January 2011.
- "FY 2010 Budget, 'A New Era of Responsibility' vid. p.119". Government Accountability Office. Archived from the original on 5 February 2011. Retrieved 27 January 2011.
- A New Era of Responsibility, Table S-2
- Historical Tables of the FY 2007 Budget, Table 1.2
- 2010 Budget
- Montgomery, Lori (1 March 2009). "Battle Lines Quickly Set Over Planned Policy Shifts". The Washington Post. Retrieved 1 March 2009.
- Economist-A New Global System is Coming Into Existence
|Wikinews has related news: Obama budget calls for record US deficit|
- Office of Management and Budget
- Proposed FY 2010 Budget
- Remarks by the President on the Fiscal Year 2010 Budget.
- Gale & Auerbach (Brookings) – Analysis of 2010 Budget
- Budget Proposal and Markups Presidential Proposal and Congressional Documents in convenient form. Senate Version w/ McCain Amendment