The Federal Budget Spending Discretionary Non-Discretionary Revenue.

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Presentation transcript:

The Federal Budget Spending Discretionary Non-Discretionary Revenue

From:

2012 Budget White House, OMB 2013 Budget Page FY 2012 Budget

Deficit and Debt Deficit or Surplus: Yearly account balance between spending and revenue

An Analysis of the President’s Budgetary Proposals for Fiscal Year 2011:

National Debt National Debt: the accumulated deficits, plus other incurred debt National Debt Clock

Who owns the Debt 2011? Federal Reserve information 1.US Federal Reserve and other Government Financial Entities 2.Other Investors/Savings Bonds 3.China 4.Japan 5.Pension Funds 6.Money Market Funds/Mutual Funds 7.State and Local Governments in US 8.UK 9.Banks 10.Insurance Companies 11.OPEC nations 12.Brazil 13.Caribbean nations 14.Hong Kong 15.Canada

Federal Debt as % of GDP from CBO, Director’s Blog “The Long-Term Budget Outlook”

Discretionary v. Non-Discretionary Spending Discretionary: 37.5% Non-Discretionary:57.1% Interest:5.2% From Pew Research Center

Douglas W. Elmendorf, “The Budget and Economic Outlook,” February 25, 2010,

Social Security as a % of GDP from CBO, Director’s Blog “The Long-Term Budget Outlook ”

From US Government Accountability Office

Federal Spending as % of GDP (See OMB Historical Tables, Table 3.1)OMB Historical Tables Figure from Peterson Foundation, excellent primer on budget:

State and Federal Revenue and Taxes State revenue sources Balance of federal taxes and federal spending per state Balance

Historical Tax Rates by Income Group [NYTimes] by Catherine Mulbrandon on November 3, 2007, income-group/

Federal Income Taxes (2004) From, The American, American Enterprise Institute, Guess Who Really Pays the Taxes, By Stephen Moore From the November/December 2007 Issue,By Stephen Moore taxes

All Taxes? Incomes and Federal, State & Local Taxes in 2009 Shares of TAXES AS A % OF INCOME Average Total TotalFederal State and Total Cash Income Taxes Taxes Local Taxes Taxes Income Lowest 20% $ 12, % 1.9% 3.6% 12.4% 16.0% Second 20% 25, % 5.0% 8.7% 11.8% 20.5% Middle 20% 40, % 10.2% 13.9% 11.3% 25.3% Fourth 20% 66, % 18.9% 17.2% 11.3% 28.5% Next 10% 100, % 15.2% 19.0% 11.1% 30.2% Next 5% 141, % 11.2% 20.4% 10.8% 31.2% Next 4% 245, % 15.8% 21.3% 10.2% 31.6% Top 1% 1,328, % 22.1% 22.3% 8.4% 30.8% ALL 68, % 100.0% 18.0% 10.6% 28.6% Source: Citizens for Tax Justice,