Source: Economic Report of the President

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Presentation transcript:

Source: Economic Report of the President “Other” includes transportation, science, space, & technology, veterans benefits, international affairs, energy, agriculture, justice, general government, and community development.

If G exceeds T in a fiscal year, then we have a federal deficit.If, Federal Finance If G exceeds T in a fiscal year, then we have a federal deficit.If, however, T exceeds G, then we have a federal surplus. Let: G denote federal spending for goods and services in a fiscal year (Oct. 1 thru Sept. 30). TX is federal tax receipts. TR is federal transfer payments. T is federal net taxes (TX - TR)

Source: 1998 Economic Report of the President, Table B-81

Source: 1998 Economic Report of the President, table B-81

In the case of a federal deficit, the Treasury must borrow. The national debt is the accumulated borrowing of the federal government in all previous fiscal years, minus what has been repaid

Source: 1997 Economic Report of the President, table B-74

Source: Economic Report of the President

Source: Economic Report of the President “Other” includes spending for libraries, hospitals, health, employment security, water transport and terminals, police and fire, solid waste management, parking, corrections, parks and recreation, housing, and other items.