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.
| 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 | http://www.gpoaccess.gov/USbudget/fy08/hist.html US Government Printing Office |
|
‹ 2007 2009› | |
Total receipts
Estimated receipts for fiscal year 2008 were $2.66 trillion.
- $1.25 trillion - Individual income tax
- $927.2 billion - Social Security and other payroll tax
- $314.9 billion - Corporate income tax
- $68.1 billion - Excise tax
- $29.2 billion - Customs duties
- $25.7 billion - Estate and gift taxes
- $50.7 billion - Other
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.[1]
Deficit
With projected receipts significantly less than projected outlays, the budget proposed by President Bush predicts a net deficit of approximately 240 billion dollars, adding to a United States governmental debt of about $10.8 trillion.