FY 2015 Federal Budget Justin Kiehl. Totals Government Revenue is approx. $3.176 Trillion $3.15 Trillion spent $26 Billion saved – Interest/Accounts Payable:

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Presentation transcript:

FY 2015 Federal Budget Justin Kiehl

Totals Government Revenue is approx. $3.176 Trillion $3.15 Trillion spent $26 Billion saved – Interest/Accounts Payable: $1.0 Trillion – Pensions: $633.9 Billion – Health Care: $512 Billion – Defense: $493 Billion – Education: $225.6 Billion – Welfare: $125 Billion – Protection: $100 Billion – Transportation: $35.5 Billion – Government Savings: $26 Billion – General Government: $25 Billion – Other: $0

Federal Budget

Overview All Accounts are subject to change year by year with the increase of revenue. Increased burden on interest account will be diminished as federal debt diminishes leaving more money for other accounts. Approaching expenses from a scale of greatest to least is a rule of thumb in business.

Interest/Accounts Payable Explanation: $1 Trillion Interest and debt payment spending will be increased by $770.8 Billion. Without this increase in spending, all other categories will be irrelevant since we will ultimately fail as a nation. The United States is already past the danger zone when it comes to debt. We have to start building credit creditability back up.

Pensions Explanation: $633.9 Billion Pensions will be decreased by $325.1 Billion and only account for retirement benefits. Although these retirement benefits will also be cut by about $60 Billion. This account was just too large for the amount of debt and size of deficit that we have accrued. However, Pension plans for government workers must remain in place so as to lessen the cost burden on all other categories by allowing citizens to have more money to spend.

Healthcare Explanation: $512 Billion Healthcare spending will be cut by $505.7 Billion and only benefit health care services for the elderly (at a reduced rate) and research/development (at a reduced rated) as well.

Defense Explanation: $493 Billion Defense spending will be reduced by $320 Billion and will only include funding for veteran affairs and military defense. Foreign economic and military aid accounts are closed and put in as a discretionary expenditure (within the declared budget) under military defense.

Education Explanation: $225.6 Billion Education spending will be increased by $76.6 Billion in order to help fund better programs for primary and secondary schools. These programs must meet the requirements of attending to the individual students personal independent development as well as personal finance, responsible spending, and individual development skills when it comes to secondary school programs.

Welfare Explanation: $125 Billion Welfare spending will be reduced by $250 Billion and only reach family and children benefits as it relates.

Protection Explanation: $100 Billion Protection spending will be increased by $64.5 Billion to account for police service as well as general welfare service accounts. This will help promote the common good and help take the strain off welfare and healthcare, even if it is slightly.

Transportation Explanation: $35.5 Billion Transportation spending will be decreased by $57.4 Billion simply because transportation costs for congress members and government officials can be partially handled by their individual state governments and partially by their individual bank accounts. Also, road and infrastructure funds can be reduced to specific interstates for continued national connectivity.

Other/Savings Explanation: $26 Billion Other Spending will be cut and replaced by a cumulative government savings account taken at the rate from the Government revenue each year until federal debt dips below $10 Trillion at which point a 1.5% increase will be enforced unless otherwise determined.

General Government Explanation: $25 Billion General Government spending will be reduced by $23.2 Billion to include only the judicial court expenditure accounts as well as some general services.