2007 United States federal budget

Last updated

2007 (2007) Budget of the United States federal government
SubmittedFebruary 6, 2006 [1]
Submitted by George W. Bush
Submitted to 109th Congress
Total revenue$2.416 trillion (requested) [2]
$2.568 trillion (actual) [3]
17.9% of GDP (actual) [4]
Total expenditures$2.77 trillion (requested) [2]
$2.729 trillion (actual) [3]
19.1% of GDP (actual) [4]
Deficit $354 billion (requested) [2]
$160.7 billion (actual) [3]
1.1% of GDP (actual) [4]
Debt$8.95 trillion (at fiscal end)
62.5% of GDP (actual) [5]
GDP $14.323 trillion [4]
Website Government Publishing Office
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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.

Contents

The government was initially funded through a series of three temporary continuing resolutions. Final funding for the Department of Defense was enacted on September 29, 2006 as part of the Department of Defense Appropriations Act, 2007, while the Department of Homeland Security was funded through the Department of Homeland Security Appropriations Act, 2007, enacted on October 4, 2006. The remaining departments and agencies were funded as part of a full-year continuing resolution, the Revised Continuing Appropriations Resolution, 2007, on February 15, 2007. [6]

Total receipts

2007 Actual Receipts by Source

   Individual income tax (45.3%)
   Social Security/other payroll tax (33.9%)
   Corporate income tax (14.4%)
   Excise tax (2.5%)
   Estate and gift taxes (1.0%)
   Customs duties (1.0%)
  Other miscellaneous receipts (1.9%)

Receipts by source: (in billions of dollars)

SourceRequested [7] Actual [8]
Individual income tax 1,0961,163
Corporate income tax 261370
Social Security and other payroll tax 884870
Excise tax 7565
Estate and gift taxes 2426
Customs duties 2826
Other miscellaneous receipts4848
Total2,4162,568

The IRS estimated that there were about $345 billion in uncollected taxes, which is sometimes referred to as the "tax gap.". [9]

Total spending

A pie chart representing spending by category for the US budget for 2007 Fy2007spendingbycategory.png
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:

Much of the costs of the Iraq war and the Afghanistan war until FY2008 have been funded through supplemental appropriations or emergency supplemental appropriations, which are treated differently from regular appropriations bills. Senior congressional leaders have contended that those war costs, as much as possible, should go through the regular budget process, which provides for greater transparency. Determining the costs of the wars in Iraq and Afghanistan is complex. CBO has estimated that "war-related defense activities" in 2007 were "roughly $115 billion." [11]

2007 total military budget

The total requested military budget of the United States for 2007 was $699 billion.

U.S. Military Budget [12] - DoD Base Spending: The U.S. Department of Defense (DoD) has the single largest budget of any government agency in the discretionary budget. This department is responsible for the four branches - the Army, Air Force, Navy and Marine Corps. This includes the cost of base administration, pay for military members, and the costs of repairing and procuring equipment.

U.S. Military Budget - War on Terror Base Spending : The War on Terror (WoT) incurs additional costs by other departments. When added to the DoD base spending, the amount comes to:

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References

  1. ↑ "Press Briefing". whitehouse.gov . February 6, 2006. Retrieved March 20, 2015– via National Archives.
  2. 1 2 3 "2007 Budget Summary Tables" (PDF). Government Publishing Office. Retrieved October 8, 2015.
  3. 1 2 3 "Table 1.1—SUMMARY OF RECEIPTS, OUTLAYS, AND SURPLUSES OR DEFICITS (–): 1789–2020" (PDF). Government Publishing Office. Retrieved October 10, 2015.
  4. 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.
  5. ↑ "Fiscal Year 2016 Budget Historical Tables" (PDF). Office of Management and Budget. Retrieved October 8, 2015.
  6. ↑ "Appropriations for Fiscal Year 2007". U.S. Congress. Retrieved 2018-03-31.
  7. ↑ "2007 Public Budget Database". Fiscal Year 2007 Public Budget Database. United States Office of Management and Budget. Receipts: Public Budget Database. Retrieved March 15, 2015.
  8. ↑ "2009 Public Budget Database". Fiscal Year 2009 Public Budget Database. United States Office of Management and Budget. Receipts: Public Budget Database. Retrieved March 15, 2015.
  9. ↑ $345B tax gap: Random Tax Audits Return to the IRS, 9 Oct 2007, Morning Edition.
  10. ↑ "The President's Budget of the United States Government, FY 1996 -- present". Archived from the original on 2006-02-13. Retrieved 2006-02-10.
  11. ↑ The Budget and Economic Outlook: An Update, CBO.gov. August, 2007.
  12. ↑ Department of Defense Budget Archived 2007-10-03 at the Wayback Machine - OMB FY 2008 President's Budget Charts and Tables
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