Ch Notes : The Federal Gov. Budget

Slides:

Advertisements

Similar presentations

Political Science, Unit 7. TAXING & SPENDING HOW DOES THE GOVERNMENT RAISE MONEY? 1) TAXES a. Progressive Individual Income Tax b. Corporate Income Tax.

Advertisements

The Debt Crisis. Key things to know What is the national debt? the sum of all federal bills, notes and bonds that have been issued by the Treasury and.

Ch. 10 Government Spending. Section 1 Government Spending in Perspective Total government expenditures at all levels was almost $2.9 trillion in 2001-

Notebook # 30 Economics 10-2 Federal Government Expenditures Pages

Government Finances Chapter 25. The Federal Government Chapter 25 Section 1.

Health Economics Unit Budget of the US Government Fiscal Year 2000 l October 1, 1999 to September 30, 2000 l Total Government Spending is 29% of.

Taxes, National Debt & Fiscal Policy. Taxes Types of taxes Regressive: If the rich pay a smaller proportion of their income for the tax than do the poor.

Balancing the Federal Budget (or at least reducing the annual deficit to a manageable size) The Problem: Spending - $3.7 Trillion Revenues.

Government Spending In 2001, total government expenditures amounted to nearly $2.9 trillion. On a per capita basis, this amounted to almost $10,300 for.

Government Spending and the Economy Government is a major player in our economy due to its enormous expenditures. The government is spending YOUR money.

How much has the federal government planned on spending in 2014? $3.8 trillion!

Ch. 10 Econ 1. Total gov’t expenditures at all levels was almost $3 trillion in about $__________ for every American.

Chapter 25.1 The Federal Government. Preparing the Budget Each year, the president and Congress create the federal budget, which is a plan for how the.

Creating the Federal Budget: Congress & The President.

Ch. 25 Section 1 The Federal Government. Preparing the Budget Each year, the President and Congress are responsible for creating the federal budget –

Deficit vs. Debt Deficit: how much more Government spends than it receives in tax revenue over 1- year Debt: total amount Government owes (has borrowed.

Chapter 14 Taxes and Government Spending Taxes Tax – Financial charges imposed on individuals and businesses by a government Purposes of taxes To provide.

Creating a Budget Chapter 14. Budget Process Deficit v. Surplus Deficit occurs when expenditures exceed revenues in a year – $1.3 trillion in 2010 Surplus.

Raising Money Types of Taxes Managing the Country’s Money.

What's the local impact of federal spending and revenue decisions? Spotlight on Military Spending and Massachusetts Federal Budget Priorities:

Making Public Policy. Economic Policy and the Budget Key Concepts-  Politicians & economists have conflicting views on how to regulate the economy 

Warm up If I gave you $856,000.00, what would you do with it.

Pay Checks.  On every pay check there are always a lot of different numbers that are grouped with letters or acronyms.  There is a difference between.

The Federal Government! By: Connor Grose & Robert Taylor Period 1.

Bell Work: 1. How much money does the US spend per year? 2. Why is the budget important? What is it? Federal Budget.

Spending. I. Where the money is spent (2010 figures): A. Medicare & Medicaid: 23% B. Social Security: 20% C. Net Interest payments: 6% D. Defense: 20%

Today’s Schedule – 11/20 PPT – Federal Spending – Fiscal Policy Filing Taxes HW – Read 15.1/15.2.

Chapter 10 – Government Spending. Section One – The Economics of Government Spending I.Government Spending in Perspective i. Government called on to do.

Chapter 10 Sections 2,3 & 4 By: Colette Spencer. Federal government has two kinds of spending: 1) goods and services Tanks, planes, space shuttles Office.

BELLWORK What is the title of Unit 7, as well as Chapter 20? (Hint: Chapter 20 is right after Chapter 19 and right before Chapter 21)

Chapter 14 Taxes and Government Spending. Taxes Tax – Financial charges imposed on individuals and businesses by a government Purposes of taxes To provide.

+ Welcome C&E Students!!! Would you rather defend yourself against an army of Smurfs or an army of Carebears?

The US Federal Budget How does our Government spend its money? Where does all that money go?

The federal government takes in money for the budget through taxation and borrowing. These decisions have a powerful impact on the overall economy.

The Budget. Review terms: Budget: – A policy document allocating burdens (taxes) and benefits (expenditures). Expenditures: – What the government spends.

FEDERAL TAX WITHHOLDINGS. HOW MUCH OF YOUR INCOME GOES TO FEDERAL TAXES? Because the United States has a progressive federal tax system, you’re going.

Chapter 12 Paying for Government

Federal Expenditures The programs & services the federal government funds are divided into two categories. Mandatory spending—or spending that is required.

Creating the Federal Budget:

Where your money goes Chapter 10.2 & 10.3.

Context – Domestic Policy & Social Security

Ch. 10- Government Spending

Ch. 9.2 Notes : Federal Taxes

Managing the Country’s Money

Chapter 16: Financing Government Section 3

Federal Government Expenditures

Chapter 10 Government Spending

Discuss these questions with your table partner:

The Federal Budget Rixie.

NATIONAL PRIORITIES The Nation’s Budget.

Federal Government Spending

Chapter 22 Section 1 & 2 Mr. Holmes December 8, 2012.

Context – Domestic Policy & Social Security

Government Spending Essential Question: Who and what should be taxed, and how should governments spend tax money? Learning Target: Compare and contrast.

Government Debt vs. Deficit

Balancing the Budget Directions: Working with a partner, answer the following questions using the internet to aid in your research. Be sure to cite your.

Chapter 16: Financing Government Section 3

Government spending.

Chapter 12 Paying for Government

Warm Up 1. What is the coolest (PG Rated thing you did over break?

The Congress, the president, and the budget

Federal Spending.

U.S. Government Budget Why can’t we balance it?.

Financing Government Chapter 16.

Ch 20 Taxing and Spending.

The government’s investment in human and physical capital

Government Debt vs. Deficit

Chapter 11 Federal Spending

Presentation transcript:

Ch. 10.2 Notes : The Federal Gov. Budget

3 Phases to passing the Federal Budget A. Pres creates it 1. process starts on Oct. 1 every year 2. The OMB helps the Pres. create the budget at this time 3. must be completed and sent to Congress by Feb. of following year

B. Congress approves it 1. can approve, dissaprove, or modify budget 2. budget first goes to House of Reps 3. then sent to Senate 4. CBO helps congress evaluate 5. Once passed by congress …. C. Pres signs it 6. Budget starts on Oct, ends in Sept.

D. Obama vs Bush 1. Obama budget in 2010 = 3.6 trillion 2. Taxes collected by 2010 =2.4 trillion 3. Amount borrowed for 2010 = 1.2 trill. 4. Bush budget in 2009 = 3.1 trillion + .8 billion Obama stimulus 5. Taxes collected in 2009 = 2.7 trill. 6. Amount borrowed for 2009 = 1.2 trill.

Federal Gov Spending A. Social Security > retirement checks to retirees ($695 B) B. Income Security > various unemployed/welfare programs ($575 B) C. National Defense > military ($534 + 7 B) D. Medicare > healthcare for retirees ($453 B) E. Interest payment on gov debt ($300 B) F. War on Terror > Iraq & Afgh (130 B) G. Education > money sent to states ($48 + 81 B)

H. Transportation > various road projects ($72 + 48 B) I. Health > services for the poor ($76 + 22 B) J. Housing/Urban Dev. > (47 + 13 B) K. Military Veterans benefits ($56 + 1 B) L. Homeland Security > domestic anti - terrorism ($43 B)

M. Various Others/Stimulus (399 B) 1. Examples: a. Federal Police >FBI, CIA, MIB (40 B) b. Space > NASA (32 B) c. Foreign Aid ( 30 B)

http://www.fbi.gov/ =fbi http://brillig.com/debt_clock/ = Debt clock http://www.heritage.org/Research/features/budgetchartbook/Federal-Spending.html >> excellent graphs http://www.whitehouse.gov/omb/assets/fy2010_new_era/A_New_Era_of_Responsibility2.pdf = 2010 official budget http://www.dss.cahwnet.gov/cdssweb/FindServic_2312.htm#families http://www.ssa.gov/OACT/quickcalc/index.html = Calculate your social security benefits 44 = CIA http://www.onlineforextrading.com/blog/federal-budget-broken-down/ = excellent 2010 federal budget breakdown http://www.dod.mil/militarypay/pay/bp/paytables/Jan2006_Basic_Pay.html = military pay http://www.globalissues.org/TradeRelated/Debt/USAid.asp = Top Foreign Aid Countries http://www.fbi.gov/ =fbi http://brillig.com/debt_clock/ = Debt clock http://www.usdebtclock.org/ = best debt clock