1. Ch. 10.2 Notes : The Federal Gov. Budget

2. 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

3. 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.

4. 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 billion Obama stimulus
5. Taxes collected in 2009 = 2.7 trill.
6. Amount borrowed for 2009 = 1.2 trill.

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

6. H. Transportation > various road projects
($ B)
I. Health > services for the poor
($ B)
J. Housing/Urban Dev. > ( B)
K. Military Veterans benefits ($ B)
L. Homeland Security > domestic anti -
terrorism ($43 B)

7. 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)

8. http://www.fbi.gov/ =fbi http://brillig.com/debt_clock/ = Debt clock
>> excellent graphs
= 2010 official budget
= Calculate your social security benefits
44 = CIA
= excellent 2010 federal budget breakdown
= military pay
= Top Foreign Aid Countries
=fbi
= Debt clock
= best debt clock