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

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Presentation transcript:

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

Train a Mountain lion to walk on a tread mill?

Establishing the Federal Budget Ch 10 sec 2

The federal budget consists of (1) mandatory spending, which includes interest payments on borrowed money, Social Security, and medicare (two-thirds of the budget); and (2) discretionary spending, which includes programs that Congress must approve annually (one-third of the budget).

2007 Federal Budget Pie Chart

National debt clock runs out of digits! NEW YORK – In a sign of the times, the in has run out of digits to record the growing figure. As a short-term fix, the digital dollar sign on the billboard-style clock near has been switched to a figure — the "1" in $10 trillion. It's marking the federal government's current debt at about $10.2 trillion. The says it plans to update the sign next year by adding two digits. That will make it capable of tracking debt up to a quadrillion dollars. The late Manhattan real estate developer Seymour Durst put the sign up in 1989 to call attention to what was then a $2.7 trillion debt. Wed Oct 8, :03 pm ET

National Debt Clock

Fiscal Year The government’s fiscal year is from October 1 to September 30.

The Federal Budget Process Sometimes referred to as the “Budget Battle”-Why?

Major Spending Categories Mandatory spending categories include: Social Security; income security; Medicare; interest on the federal debt; some health programs; and veterans’ benefits. Discretionary spending categories include: education, employment, social services, transportation, administration of justice, natural resources, and the environment.

Which Type of spending will get cut first-Why?