2008 United States federal budget

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2008 (2008) Budget of the United States federal government
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[edit]




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2008 Actual Receipts by Source

  Social Security/other payroll tax (35.7%)
  Excise tax (2.7%)
  Deposits of earnings and Federal Reserve System (1.3%)
  Estate and gift taxes (1.1%)
  Customs duties (1.1%)
  Other miscellaneous receipts (0.7%)

(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[edit]

Further information: Government spending
A pie chart representing spending by category for the US budget for 2008

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:

The Iraq War and the War in Afghanistan are not included in the regular budget. Instead they are funded through special appropriations.[4]

Deficit[edit]

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[edit]

  1. ^ "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. 
  2. ^ "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. 
  3. ^ "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. 
  4. ^ Backgrounder: Iraq, Afghanistan, and the U.S. Economy

External links[edit]