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Total receipts

Estimated receipts for fiscal year 2008 were $2.66 trillion.

• $1.25 trillion - Individual income tax
• $927.2 billion - Social Security and other payroll tax
• $314.9 billion - Corporate income tax
• $68.1 billion - Excise tax
• $29.2 billion - Customs duties
• $25.7 billion - Estate and gift taxes
• $50.7 billion - Other

Total spending

A pie chart representing spending by category for the US budget for 2008

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:

• Mandatory spending: $1.788 trillion (+4.2%)
  • $608 billion (+4.5%) - Social Security
  • $386 billion (+5.2%) - Medicare
  • $209 billion (+5.6%) - Medicaid and the State Children’s Health Insurance Program (SCHIP)
  • $324 billion (+1.8%) - Unemployment/Welfare/Other mandatory spending
  • $261 billion (+9.2%) - Interest on National Debt

• Discretionary spending: $1.114 trillion (+3.1%)
  • $481.4 billion (+12.1%) - Department of Defense
  • $145.2 billion (+45.8%) - Global War on Terror
  • $69.3 billion (+0.3%) - Department of Health and Human Services
  • $56.0 billion (+0.0%) - Department of Education
  • $39.4 billion (+18.7%) - Department of Veterans Affairs
  • $35.2 billion (+1.4%) - Department of Housing and Urban Development
  • $35.0 billion (+22.0%) - Department of State and Other International Programs
  • $34.3 billion (+7.2%) - Department of Homeland Security
  • $24.3 billion (+6.6%) - Department of Energy
  • $20.2 billion (+4.1%) - Department of Justice
  • $20.2 billion (+3.1%) - Department of Agriculture
  • $17.3 billion (+6.8%) - National Aeronautics and Space Administration
  • $12.1 billion (+13.1%) - Department of Transportation
  • $12.1 billion (+6.1%) - Department of the Treasury
  • $10.6 billion (+2.9%) - Department of the Interior
  • $10.6 billion (-9.4%) - Department of Labor
  • $51.8 billion (+9.7%) - Other On-budget Discretionary Spending
  • $39.0 billion - Other Off-budget Discretionary Spending

The Iraq War and the War in Afghanistan are not included in the regular budget. Instead they are funded through special appropriations.^[1]

Deficit

With projected receipts significantly less than projected outlays, the budget proposed by President Bush predicts a net deficit of approximately 240 billion dollars, adding to a United States governmental debt of about $10.8 trillion.

Related Posts

• 2009 U.S. Federal Budget
• 2010 U.S. projected Federal Budget
• Socialized spending in 2006 up from 2005
• Socialized Spending Out of Control
• 2010 National Security budget

Tags: corporate income tax, customs duties, estate, excise tax, federal budget, federal deficit, gift, government spending, income tax, medicaid, medicare, military, payroll tax, Social Security, social security tax, Taxes, welfare