2008 (2008) Budget of the United States federal government
SubmittedFebruary 5, 2007[1]
Submitted byGeorge W. Bush
Submitted to110th Congress
Total revenue$2.662 trillion (requested)[2]
$2.524 trillion (actual)[3]
17.1% of GDP (actual)[4]
Total expenditures$2.902 trillion (requested)[2]
$2.983 trillion (actual)[3]
20.2% of GDP (actual)[4]
Deficit$239 billion (requested)[2]
$458.6 billion (actual)[3]
3.1% of GDP (actual)[4]
Debt$9.986 trillion (at fiscal end)
67.7% of GDP (actual)[5]
GDP$14.752 trillion[4]
WebsiteOffice of Management and Budget
‹ 2007
2009 ›

The 2008 United States Federal Budget began as a proposal by President George W. Bush to fund government operations for October 1, 2007 – September 30, 2008. The requested budget was submitted to the 110th Congress on February 5, 2007.[1]

The government was initially funded through a series of four temporary continuing resolutions. Final funding for the Department of Defense was enacted on November 13, 2007 as part of the Department of Defense Appropriations Act, 2008, while the remaining departments and agencies were funded as part of an omnibus spending bill, the Consolidated Appropriations Act, 2008, on December 26, 2007.[6]

Total receipts

2008 Actual Receipts by Source

  Individual income tax (45.4%)
  Social Security/other payroll tax (35.7%)
  Corporate income tax (12.0%)
  Excise tax (2.7%)
  Deposits of earnings and Federal Reserve System (1.3%)
  Estate and gift taxes (1.1%)
  Customs duties (1.1%)
  Other miscellaneous receipts (0.7%)

Receipts by source: (in billions of dollars)

Source Requested[7] Actual[8]
Individual income tax 1,247 1,146
Corporate income tax 315 304
Social Security and other payroll tax 927 901
Excise tax 68 67
Estate and gift taxes 26 29
Customs duties 29 28
Deposits of earnings and Federal Reserve System - 34
Other miscellaneous receipts 51 17
Total 2,662 2,524

Total spending

The President's budget for 2008 totals $2.9 trillion. Percentages in parentheses indicate percentage change compared to 2007. This budget request is broken down by the following expenditures:

The Iraq War and the War in Afghanistan are not included in the regular budget. Instead they are funded through special appropriations.[9]

Deficit

With projected receipts significantly less than projected outlays, the budget proposed by President Bush predicts a net deficit of approximately 240 billion dollars. The actual deficit was 454.8 billion.

References

  1. 1 2 "THE BUDGET MESSAGE OF THE PRESIDENT" (PDF). congress.gov. Congressional Record Proceedings and Debates of the 110th Congress, 1st Session (Vol. 153, No. 21 — Daily ed.). Washington. February 5, 2007. p. 14.
  2. 1 2 3 "2008 Budget Summary Tables" (PDF). Government Publishing Office. Retrieved October 8, 2015.
  3. 1 2 3 "2010 Historical Tables" (PDF). Government Publishing Office. Retrieved October 8, 2015.
  4. 1 2 3 4 "Table 1.2—SUMMARY OF RECEIPTS, OUTLAYS, AND SURPLUSES OR DEFICITS (–) AS PERCENTAGES OF GDP: 1930–2020" (PDF). Government Publishing Office. Retrieved October 8, 2015.
  5. ↑ "Fiscal Year 2016 Budget Historical Tables" (PDF). Office of Management and Budget. Retrieved October 8, 2015.
  6. ↑ "Appropriations for Fiscal Year 2008". U.S. Congress. Retrieved 2018-03-31.
  7. ↑ "2008 Public Budget Database". Fiscal Year 2008 Public Budget Database. United States Office of Management and Budget. Receipts: Public Budget Database. Retrieved 14 March 2015.
  8. ↑ "Summary Tables" (PDF). Fiscal Year 2010 Budget of the U.S. Government. United States Office of Management and Budget. Table S–4: Proposed Budget by Category. Retrieved 14 March 2015.
  9. ↑ Backgrounder: Iraq, Afghanistan, and the U.S. Economy
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