2009 United States federal budget

2009 (2009) Budget of the United States federal government
Submitted February 4, 2008 [1]
Submitted by George W. Bush
Submitted to 110th 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]
Website Office of Management and Budget
‹ 2008
2010 ›

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] The final spending bills for the budget were not signed into law until March 11, 2009 by President Barack Obama, nearly five and a half months after the fiscal year began.

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[6] Enacted[7] Actual[8]
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.[9] 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. 4 February 2008. Retrieved 20 March 2015.
  2. 1 2 3 "Summary Tables". 2011 Budget of the U.S. Government. United States Office of Management and Budget. February 1, 2010. Retrieved December 8, 2011.
  3. 1 2 3 4 "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. 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. ↑ "2009 Public Budget Database". Fiscal Year 2009 Public Budget Database. United States Office of Management and Budget. Receipts: Public Budget Database. Retrieved 14 March 2015.
  7. ↑ "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 14 March 2015.
  8. ↑ "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 14 March 2015.
  9. ↑ "Budget of the US Government, FY 2011" (PDF). Office of Management and Budget. Archived (PDF) from the original on July 7, 2011. Retrieved July 21, 2011.

External links

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