If we just capped spending in 2007 we would have balanced budget now!!!

Look at the figures from 2007 and compare them to now and you will see that if had held spending at 2007 levels we would have a balanced budget now (or very close to it). The problem is that spending has skyrocketed. Why then do we want to get more revenue in when obviously the problem is spending. I have posted on this before and even given more figures.

Wikipedia reports:

2007 (2007) Budget of the United States federal government
2006 ·  · 2008
Submitted by George W. Bush
Submitted to 109th Congress
Total revenue $2.57 trillion
Total expenditures $2.73 trillion
Deficit $161 billion
Debt $8.95 trillion
Website Congressional Budget Office

The budget of the United States government for fiscal year 2007 was produced through a budget process involving both the legislative and executive branches of the federal government. While the Congress has the constitutional “power of the purse,” the President and his appointees play a major role in budget deliberations. Since 1976, the federal fiscal year has started on October 1 of each year.

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[edit] Total receipts

Receipts for fiscal year 2007 were $2.4 trillion. FY2007 on-budget receipts were $1.7 trillion. FY2007 off-budget receipts were $608 billion. Off-budget receipts include Social Security and Medicare payroll taxes, as well as the net profit or loss of the U.S. Postal Service.

Source: preliminary FY2007 year-end estimate from the U.S. Treasury Dept.

The IRS estimated that there were about $345 billion in uncollected taxes, which is sometimes referred to as the “tax gap.”.[1]

[edit] Total spending

A pie chart representing spending by category for the US budget for 2007

The President’s actual budget for 2007 totals $2.8 trillion. Percentages in parentheses indicate percentage change compared to 2006. This budget request is broken down by the following expenditures:

  • $586.1 billion (+7.0%) – Social Security
  • $548.8 billion (+9.0%) – Defense[2]
  • $394.5 billion (+12.4%) – Medicare
  • $294.0 billion (+2.0%) – Unemployment and welfare
  • $276.4 billion (+2.9%) – Medicaid and other health related
  • $243.7 billion (+13.4%) – Interest on debt
  • $89.9 billion (+1.3%) – Education and training
  • $76.9 billion (+8.1%) – Transportation
  • $72.6 billion (+5.8%) – Veterans’ benefits
  • $43.5 billion (+9.2%) – Administration of justice
  • $33.1 billion (+5.7%) – Natural resources and environment
  • $32.5 billion (+15.4%) – Foreign affairs
  • $27.0 billion (+3.7%) – Agriculture
  • $26.8 billion (+28.7%) – Community and regional development
  • $25.0 billion (+4.0%) – Science and technology
  • $20.5 billion (+0.8%) – Energy
  • $20.1 billion (+11.4%) – General government
  • 2011 United States federal budget

    From Wikipedia, the free encyclopedia

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    2011 (2011) Budget of the United States federal government
    2010 ·  · 2012
    Submitted February 1, 2010
    Submitted by Barack Obama
    Submitted to 111th Congress
    Passed April 15, 2011 (Pub.L. 112-10)
    Total revenue $2.567 trillion (requested)[1]
    $2.314 trillion (enacted)[2]
    Total expenditures $3.834 trillion (requested)[1]
    $3.630 trillion (enacted)[2]
    Debt payment $0.25 trillion (requested)
    Deficit $1.56 trillion (requested)
    Website Library of Congress

    The 2011 United States federal budget is the United States federal budget to fund government operations for the fiscal year 2011, which is October 2010 – September 2011. The budget is the subject of a spending request by President Barack Obama.[3][4] The actual appropriations for Fiscal Year 2011 had to be authorized by the full Congress before it could take effect, according to the United States budget process.

    No budget was passed by the September 30 deadline, and the government was funded by a series of seven continuing resolutions continuing funding at or near 2010 levels. The budget negotiations culminated in early April 2011, with a tense legislative standoff leading to speculation that the nation would face its first government shutdown since 1995. However, a deal containing $38.5 billion in cuts from 2010 funding levels was reached with just hours remaining before the deadline. The 2011 budget was enacted on April 15, 2011, as Public Law 112-10, the Department of Defense and Full-Year Continuing Appropriations Act, 2011.[5]

    Contents

     [hide

    [edit] History

    President Barack Obama proposed his 2011 budget during February 2010. He has indicated that jobs, health care, clean energy, education, and infrastructure will be priorities. Total requested spending is $3.83 trillion and the federal deficit is forecast to be $1.56 trillion in 2010 and $1.27 trillion in 2011. Total debt is budgeted to increase from $11.9 trillion in FY2009, to $13.8 trillion in FY2010, and $15.1 trillion in FY2011.[6][7]

    It was widely anticipated that a government shutdown on April 8, 2011 was possible if a budget resolution or a seventh continuing resolution was not passed by the expiration of the sixth continuing resolution on April 8, 2011,[8] which would have caused the furlough of 800,000 out of 2 million civilian federal employees.[9][10] However, a deal was reached with just hours remaining before the deadline, averting the shutdown. The deal included $38.5 billion in cuts from what had been budgeted for 2010, in addition to another $10 billion in cuts that had been imposed in some of the continuing resolutions.[11][12] However, the April 13 Congressional Budget Office estimate showed that, compared with then-current spending rates, the spending bill would cut federal outlays from non-war accounts by just $352 million through Sept. 30. About $8 billion in immediate cuts to domestic programs and foreign aid were offset by nearly equal increases in defense spending.[13]

    [edit] Continuing resolutions

    Beginning in September 2010, Congress passed a series of continuing resolutions to fund the government.[14]

    • 1st Continuing Resolution, funding from October 1, 2010 through December 3, 2010, passed on September 29, 2010. (Pub.L. 111-242)
    • 2nd Continuing Resolution, funding through December 18, 2010, passed on December 2, 2010. (Pub.L. 111-290)[15]
    • 3rd Continuing Resolution, funding through December 21, 2010, passed on December 17, 2010. (Pub.L. 111-317)
    • 4th Continuing Resolution, funding through March 4, 2011, passed on December 21, 2010. (Pub.L. 111-322)[16]
    • 5th Continuing Resolution, funding through March 18, 2011, passed on March 2, 2011. (Pub.L. 112-4) This resolution cut $4 billion from 2010 spending levels.[17]
    • 6th Continuing Resolution, funding through April 8, 2011, passed on March 16, 2011. (Pub.L. 112-6) This resolution cut an additional $6 billion from 2010 spending levels.[18]
    • 7th Continuing Resolution, funding through April 15, 2011, passed on April 9, 2011. (Pub.L. 112-8) This continuing resolution followed a deal on the full annual budget which was made with just hours remaining before a government shutdown.[11] It itself contains an additional $2 billion in cuts.[12] Democrats had previously rejected a Republican-backed resolution passed by the House before the deal, which would have funded the government for another week and cut an additional $12 billion from 2010 levels.[19]

    [edit] Major initiatives

    The following initiatives were enacted in the final budget legislation:

    The following major changes were proposed to federal programs, but not necessarily enacted:

    • The proposed budget contains $4 billion for the creation of a national infrastructure bank called the “National Infrastructure Innovation and Finance Fund.”[23] This proposal is similar to the National Infrastructure Reinvestment Bank initiative previously proposed by Congress.
    • The budget would cut $40 billion of tax subsidies for oil, gas and coal companies over the next decade.[24]
    • Banks would face a $90 billion tax in total over 10 years.[citation needed]
    • The Research & Experimentation Tax Credit would be made permanent.[25]
    • Appropriates $36 billion to the Department of Energy to distribute in loan guarantees for construction of new nuclear power plants and reactors. As part of the Energy Policy Act of 2005, this appropriation is to provide funding for 80% of the total cost of construction at approved nuclear sites in the coming years www.world-nuclear.org.[26]

    [edit] Total revenues and spending

    In the Obama administration’s initial spending request, the federal budget for 2011 was originally projected at $3.83 trillion in total spending.[27]

    The projected 2011 gross domestic product is listed at $13.519 trillion (in 2005 dollars).[28]

    As of January 2011, the Congressional Budget Office (CBO) projected that if current laws remain unchanged, the federal budget will show a deficit of close to $1.5 trillion, or 9.8 percent of GDP. The CBO projects total revenues of $2.228 trillion and total outlays of $3.708 trillion for a deficit of $1.48 trillion for 2011. The deficits in CBO’s baseline projections drop markedly over the next few years as a share of output and average 3.1 percent of GDP from 2014 to 2021. Those projections, however, are based on the assumption that tax and spending policies unfold as specified in current law. Consequently, they understate the budget deficits that would occur if many policies currently in place were continued, rather than allowed to expire as scheduled under current law.[29]

    On February 14, 2011, President Obama released his 2012 federal budget request. The report updated the projected 2011 deficit to $1.590 trillion. This is based on estimated revenues of $2.228 trillion and outlays of $3.818 trillion.[30]

    The enacted 2011 budget called for $2.314 trillion in receipts and $3.630 trillion in outlays, according to the September 1, 2011 Mid-Session Review.[2]

    The 2011 Financial Report of the United States Government was released on December 23, 2011, showing a net operating cost and cash-based budget deficit for the year of $1.3 trillion.[31] According to the Government Accountability Office, the ‘accrual deficit provides more information on the longer-term implications of the government’s annual operations’.[32] Gross costs fell from $4,472 billion in 2010 to $3,998 billion, largely due to the release of accounting provisions (estimates of future liabilities), while total taxes and other revenues rose from $2,217 billion to $2,364 billion.[33] The GAO was unable to provide an audit opinion on the 2011 financial statements due to ‘widespread material internal control weaknesses, significant uncertainties, and other limitations’.[34] As in 2010, 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’, highlighting also recurrent issues at the Department of Homeland Security.[34][35]

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