Submitted | February 1, 2010 [1] |
---|---|
Submitted by | Barack Obama |
Submitted to | 111th Congress |
Total revenue | $2.567 trillion (requested) [2] $2.303 trillion (actual) [3] 15.0% of GDP (actual) [4] |
Total expenditures | $3.834 trillion (requested) [2] $3.603 trillion (actual) [3] 23.4% of GDP (actual) [4] |
Deficit | $1.645 trillion (requested) 10.9% of GDP $1.30 trillion (actual) [5] 8.5% of GDP (actual) [4] |
Debt | $14.764 trillion (at fiscal end) 96.0% of GDP [6] |
GDP | $15.379 trillion [4] |
Website | Office of Management and Budget |
‹ 2010 2012 › |
The 2011 United States federal budget was the United States federal budget to fund government operations for the fiscal year 2011. The budget was the subject of a spending request by President Barack Obama. [7] [8] The actual appropriations for Fiscal Year 2011 had to be authorized by the full Congress before it could take effect, according to the U.S. 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. [9]
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. [10] [11]
There was considerable debate on funding levels for science research by the federal government. The Obama administration's policy has been to support increases in research funding levels, including doubling the budgets of the National Science Foundation (NSF), Department of Energy Office of Science (DOE SC), and National Institute of Standards and Technology (NIST) from their 2006 levels by 2017, [12] and President Obama strongly featured innovation as a means for revitalizing the United States economy in his 2011 State of the Union Address. [13] The Obama administration's fiscal year 2013 budget request included increases from the FY2011 budget by $232 million for the National Institutes of Health (NIH), $340 million for the NSF, $1.8 billion for DOE discretionary spending, and $104 million for NIST. Although there has been a budget decrease for the National Aeronautics and Space Administration (NASA) by $192 million (1.1%) since 2011. [14]
However, the Republican majority in the United States House of Representatives has stated a focus on the principles of deficit reduction and fiscal conservatism, on which they campaigned in the 2010 elections where they made large gains in representation in Congress. [15] House Republicans promote their plan as the largest reduction in discretionary spending in the history of Congress, saying that they have "weeded out excessive, unnecessary, and wasteful spending, making tough choices to prioritize programs based on their effectiveness and benefit to the American people" with the goal of "returning our nation to a sustainable financial path." [16] They have thus proposed deep cuts to science research budgets, including cuts in fiscal year 2011 of $1.6 billion from the NIH, $400 million from the NSF, and $900 million from DOE SC. [17]
The deal reached on the 2011 budget in early April 2011 resulted in modest cuts to science programs, much less than the earlier proposals by House Republicans. NIH funding was cut by about $310 million, the NSF by about $68 million, and DOE SC by $35 million. [18]
Beginning in September 2010, Congress passed a series of continuing resolutions to fund the government. [19]
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, [27] which would have caused the furlough of 800,000 out of 2 million civilian federal employees. [28] [29] 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. [24] [25] 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. [30]
The following initiatives were enacted in the final budget legislation:
The following major changes were proposed to federal programs, but not necessarily enacted:
This section is missing information about the detailed breakdown of outlays.(March 2015) |
Total receipts(in billions of dollars):
2011 Actual Receipts by Source
Source | Requested [38] | Enacted [39] | Actual [40] |
---|---|---|---|
Individual income tax | 1,121 | 956 | 1,091 |
Corporate income tax | 297 | 198 | 181 |
Social Security and other payroll tax | 934 | 806 | 818 |
Excise tax | 74 | 74 | 72 |
Estate and gift taxes | 25 | 12 | 7 |
Customs duties | 27 | 28 | 30 |
Deposits of earnings and Federal Reserve System | 79 | 80 | 83 |
Allowance for jobs initiatives | −25 | - | - |
Allowance for health reform | 16 | - | - |
Other miscellaneous receipts | 17 | 19 | 20 |
Total | 2,105 | 2,174 | 2,303 |
In the Obama administration's initial spending request, the federal budget for 2011 was originally projected at $3.83 trillion in total spending. [41]
The projected 2011 gross domestic product is listed at $13.519 trillion (in 2005 dollars). [42]
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. [43]
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. [44]
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. [45]
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. [46] According to the Government Accountability Office, the 'accrual deficit provides more information on the longer-term implications of the government's annual operations'. [47] 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. [48] 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'. [49] 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. [49] [50]
In the United States, a continuing resolution is a type of appropriations legislation. An appropriations bill is a bill that appropriates money to specific federal government departments, agencies, and programs. The money provides funding for operations, personnel, equipment, and activities. Regular appropriations bills are passed annually, with the funding they provide covering one fiscal year. The fiscal year is the accounting period of the federal government, which runs from October 1 to September 30 of the following year. When Congress and the president fail to agree on and pass one or more of the regular appropriations bills, a continuing resolution can be passed instead. A continuing resolution continues the pre-existing appropriations at the same levels as the previous fiscal year for a set amount of time. Continuing resolutions typically provide funding at a rate or formula based on the previous year's funding. The funding extends until a specific date or regular appropriations bills are passed, whichever comes first. There can be some changes to some of the accounts in a continuing resolution. The continuing resolution takes the form of a joint resolution, and may provide bridging funding for existing federal programs at current, reduced, or expanded levels.
PAYGO is the practice in the United States of financing expenditures with funds that are currently available rather than borrowed.
The United States budget comprises the spending and revenues of the U.S. federal government. The budget is the financial representation of the priorities of the government, reflecting historical debates and competing economic philosophies. The government primarily spends on healthcare, retirement, and defense programs. The non-partisan Congressional Budget Office provides extensive analysis of the budget and its economic effects. It has reported that large budget deficits over the next 30 years are projected to drive federal debt held by the public to unprecedented levels—from 98 percent of gross domestic product (GDP) in 2020 to 195 percent by 2050.
The 2006 United States Federal Budget began as a proposal by President George W. Bush to fund government operations for October 1, 2005 – September 30, 2006. The requested budget was submitted to the 109th Congress on February 7, 2005.
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.
The history of the United States public debt started with federal government debt incurred during the American Revolutionary War by the first U.S treasurer, Michael Hillegas, after the country's formation in 1776. The United States has continuously had a fluctuating public debt since then, except for about a year during 1835–1836. To allow comparisons over the years, public debt is often expressed as a ratio to gross domestic product (GDP). Historically, the United States public debt as a share of GDP has increased during wars and recessions, and subsequently declined.
The 2008 United States Federal Budget began as a proposal by President George W. Bush to fund government operations for October 1, 2007 – September 30, 2008. The requested budget was submitted to the 110th Congress on February 5, 2007.
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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 2012 United States federal budget was the budget to fund government operations for the fiscal year 2012, which lasted from October 1, 2011 through September 30, 2012. The original spending request was issued by President Barack Obama in February 2011. That April, the Republican-held House of Representatives announced a competing plan, The Path to Prosperity, emboldened by a major victory in the 2010 Congressional elections associated with the Tea Party movement. The budget plans were both intended to focus on deficit reduction, but differed in their changes to taxation, entitlement programs, defense spending, and research funding.
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The 2013 United States federal budget is the budget to fund government operations for the fiscal year 2013, which began on October 1, 2012, and ended on September 30, 2013. The original spending request was issued by President Barack Obama in February 2012.
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