Federal Budget: Spending and The National Debt
The US federal debt exceeds $8 trillion; the value of our entire national output of goods and services (GDP) in 2004 was only $12 trillion. The debt is growing due to deficit spending, which has reached record levels under this administration. Explore issues surrounding the federal budget, from tax reform to the federal debt, from budget proposals to expenditures.
Key Political Economic Measures
Key Political Economic Measures
Key Political Economic Measures
US Federal Budget Process
This federal budget process document is a quick primer outlining the steps taken as the budget moves from concept to reality.
This federal budget process document is a quick primer outlining the steps taken as the budget moves from concept to reality.
Gross US National Debt
US Gross National Debt As Percent of Gross Domestic Product, from US Politics
US Gross National Debt As Percent of Gross Domestic Product, from US Politics
Why (And How) We Fight
The fevered rhetoric surrounding defense of the US heartland against terrorists is reaching new heights as we approach both the five-year anniversary of 9-11 and another mid-term election. Learn why Eisenhower was concerned about the military-industrial complex and just how much our defense budget costs.
The fevered rhetoric surrounding defense of the US heartland against terrorists is reaching new heights as we approach both the five-year anniversary of 9-11 and another mid-term election. Learn why Eisenhower was concerned about the military-industrial complex and just how much our defense budget costs.
News: More Red Ink: Congress Gives Bush Another 10 Percent
16 June 2006. The Senate approved a $94.5 billion "emergency" supplemental budget, following House action. Congress has approved a "regular" budget with almost $900 billion in discretionary spending and add $50 billion in supplemental spending to the recent defense bill. This is the ninth "emergency" supplemental budget Congress has approved since 9-11.
16 June 2006. The Senate approved a $94.5 billion "emergency" supplemental budget, following House action. Congress has approved a "regular" budget with almost $900 billion in discretionary spending and add $50 billion in supplemental spending to the recent defense bill. This is the ninth "emergency" supplemental budget Congress has approved since 9-11.
Balanced Budget Amendment - Timeline
A timline for the Balanced Budget Amendment, which would amend the United States Constitution by requiring -- through law -- that Congress pass a federal budget that balances projected revenues and expenditures, with certain exceptions (notably, a time of war).
A timline for the Balanced Budget Amendment, which would amend the United States Constitution by requiring -- through law -- that Congress pass a federal budget that balances projected revenues and expenditures, with certain exceptions (notably, a time of war).
Balanced Budget Amendment
The Balanced Budget Amendment would amend the United States Constitution by requiring -- through law -- that Congress pass a federal budget that balances projected revenues and expenditures, with certain exceptions (notably, a time of war). Republicans have historically been the drivers of such an amendment.
The Balanced Budget Amendment would amend the United States Constitution by requiring -- through law -- that Congress pass a federal budget that balances projected revenues and expenditures, with certain exceptions (notably, a time of war). Republicans have historically been the drivers of such an amendment.
News: Bush Proposes Record Defense Budget, Cuts in Domestic Programs
7 February 2006. President Bush unveiled a $2.77 trillion budget for fiscal 2007 (which begins 1 October), with record defense spending, domestic spending cuts, deficit spending and no on-budget acknowledgement of the ongoing costs of the conflicts in Iraq and Afghanistan.
7 February 2006. President Bush unveiled a $2.77 trillion budget for fiscal 2007 (which begins 1 October), with record defense spending, domestic spending cuts, deficit spending and no on-budget acknowledgement of the ongoing costs of the conflicts in Iraq and Afghanistan.
News: Congress Sets New Debt Ceiling
17 March 2006. For the fourth time in five years, Congress has raised the nation's debt ceiling -- this time to $9 trillion; it awaits Presidential signature. The Senate's party-line* vote was 52-48; the House approves the increase automatically.
17 March 2006. For the fourth time in five years, Congress has raised the nation's debt ceiling -- this time to $9 trillion; it awaits Presidential signature. The Senate's party-line* vote was 52-48; the House approves the increase automatically.
A Sea of Red Ink: Domestic and Foreign Checks
21 September 2005. Decisions to spend money we don't have should be discussed thoroughly and be in one of two categories: an emergency or an investment in the future. The Economic Policy Institute writes: the federal debt "will grow in 10 years, by conservative estimates, to more than half the nation's total annual output."
21 September 2005. Decisions to spend money we don't have should be discussed thoroughly and be in one of two categories: an emergency or an investment in the future. The Economic Policy Institute writes: the federal debt "will grow in 10 years, by conservative estimates, to more than half the nation's total annual output."
Social Security Privatization Plan Buried in 2007 Budget
10 February 2006. The Wallstreet editor for Newsweek points out that President Bush slipped a doozy into the 2007 budget, and did so with no fanfare. The plan would begin in 2010 and "would divert more than $700 billion of Social Security tax revenues to pay for them over the first seven years."
10 February 2006. The Wallstreet editor for Newsweek points out that President Bush slipped a doozy into the 2007 budget, and did so with no fanfare. The plan would begin in 2010 and "would divert more than $700 billion of Social Security tax revenues to pay for them over the first seven years."
News: Everything But The Squeal
17 August 2005. The six-year transportation bill that President Bush signed last week has even more pork than the energy bill: 6,371 pet projects. The price tag on this beauty? $24 billion, or about 9 percent of the total bill. In 1998, Republicans earmarked $9 billion for 1,467 projects, "twice as much pork as all the other highway bills of modern times put together."
17 August 2005. The six-year transportation bill that President Bush signed last week has even more pork than the energy bill: 6,371 pet projects. The price tag on this beauty? $24 billion, or about 9 percent of the total bill. In 1998, Republicans earmarked $9 billion for 1,467 projects, "twice as much pork as all the other highway bills of modern times put together."
News: 2006 Bush Budget Analysis
8 February 2006. The Bush budget proposes the largest cut in domestic spending since President Reagan was in office; excluding military-related expenditures, discretionary spending (such as for education and the environment) would be cut about 1 percent. However, spending growth under Bush has averaged 7.4 per cent a year compared with 3.5 per cent under Bill Clinton.
8 February 2006. The Bush budget proposes the largest cut in domestic spending since President Reagan was in office; excluding military-related expenditures, discretionary spending (such as for education and the environment) would be cut about 1 percent. However, spending growth under Bush has averaged 7.4 per cent a year compared with 3.5 per cent under Bill Clinton.
News: Budget Passes With Cheney Vote
21 December 2005. Vice President Cheney cast the tie-breaking vote today to pass a $40 billion budget bill. However, Democrats did force changes in the bill's health care provisions, sending it back to the House for another vote (ping-pong action). In other action, Senate Democrats blocked a provision which would open the Alaska Wildlife National Refuge to oil drilling.
21 December 2005. Vice President Cheney cast the tie-breaking vote today to pass a $40 billion budget bill. However, Democrats did force changes in the bill's health care provisions, sending it back to the House for another vote (ping-pong action). In other action, Senate Democrats blocked a provision which would open the Alaska Wildlife National Refuge to oil drilling.
Roll Call Vote - Senate - Defense Bill Authorization
21 December 2005. On a 56-44 roll call vote, the Senate blocked a defense appropriations bill that included oil drilling in the Alaska National Wildlife Refuge (ANWR). To break the filibuster, Republicans needed 60 votes.
21 December 2005. On a 56-44 roll call vote, the Senate blocked a defense appropriations bill that included oil drilling in the Alaska National Wildlife Refuge (ANWR). To break the filibuster, Republicans needed 60 votes.
News: Congressional Actions Would Increase National Debt
22 November 2005. House and Senate continue to struggle with crafting a 2006 budget package. The net effect, however, should both measures survive conference negotiations, is to boost our $8.1 billion (and growing) national debt.
22 November 2005. House and Senate continue to struggle with crafting a 2006 budget package. The net effect, however, should both measures survive conference negotiations, is to boost our $8.1 billion (and growing) national debt.
News: Sobering Budget News - "Spending Our Way To Financial Ruin"
7 November 2005. The nation's comptroller, David Walker, asserts that the fiscal reality "is worse than advertised... The facts are not partisan and they're not ideological." He said that the nation has a "leadership deficit" when it comes to the budget. "The nation's unfunded liabilities and commitments [are] equivalent to the entire net worth of all Americans."
7 November 2005. The nation's comptroller, David Walker, asserts that the fiscal reality "is worse than advertised... The facts are not partisan and they're not ideological." He said that the nation has a "leadership deficit" when it comes to the budget. "The nation's unfunded liabilities and commitments [are] equivalent to the entire net worth of all Americans."
News: Senate Passes Budget Bill; Opens Alaska Refuge
4 November 2005. The Senate voted 51-47 to approve the 2006 budget and, in the process, agreed 51-48 to open the Arctic National Wildlife Refuge (ANWR) in Alaska to oil drilling, despite the nominal impact such drilling would have on US oil supplies. Polls show that most Americans oppose drilling in ANWR.
4 November 2005. The Senate voted 51-47 to approve the 2006 budget and, in the process, agreed 51-48 to open the Arctic National Wildlife Refuge (ANWR) in Alaska to oil drilling, despite the nominal impact such drilling would have on US oil supplies. Polls show that most Americans oppose drilling in ANWR.
News: Inflation Hits 25 Year High
15 October 2005. Nationally, consumer prices jumped 1.2 percent last month - and 4.7 percent over the 12 month period ending in September - the Labor Department announced on Friday. This is the largest month-to-month increase since the Reagan years (1.5 percent, March 1980) and the biggest annual rise since the Bush-the-elder years (5.0 percent, May 1991).
15 October 2005. Nationally, consumer prices jumped 1.2 percent last month - and 4.7 percent over the 12 month period ending in September - the Labor Department announced on Friday. This is the largest month-to-month increase since the Reagan years (1.5 percent, March 1980) and the biggest annual rise since the Bush-the-elder years (5.0 percent, May 1991).
News: Energy Bill A Multi-Billion Dollar Budget Hit
3 August 2005. The Oil & Gas Journal reports that the Congressional Budget Office, in a letter dated 27 July (before either the House or Senate voted on HR 6, The Energy Bill), estimated that the bill will increase direct federal spending by $2.2 billion from fiscal 2006 through 2010 and will reduce federal tax revenue by $7.9 billion from fiscal 2005 through 2010.
3 August 2005. The Oil & Gas Journal reports that the Congressional Budget Office, in a letter dated 27 July (before either the House or Senate voted on HR 6, The Energy Bill), estimated that the bill will increase direct federal spending by $2.2 billion from fiscal 2006 through 2010 and will reduce federal tax revenue by $7.9 billion from fiscal 2005 through 2010.
News: House Cuts PBS, NCLB
17 June 2005. On a voice vote, the House Appropriations Committee approved a 25 percent cut in the Corporation for Public Broadcasting budget.
17 June 2005. On a voice vote, the House Appropriations Committee approved a 25 percent cut in the Corporation for Public Broadcasting budget.
News: Deficit Spending, Trade Deficits Threaten Economic Health
26 February 2005. According to this GAO report (GAO-05-325SP), our budgetary problem is not social security (or medicare) per se -- but current deficit spending. Basically, with no change in spending levels (federal expenditures track GDP at current rates) and extending Bush's tax cuts, in 2040 federal revenue will just (barely) pay interest on the deficit.
26 February 2005. According to this GAO report (GAO-05-325SP), our budgetary problem is not social security (or medicare) per se -- but current deficit spending. Basically, with no change in spending levels (federal expenditures track GDP at current rates) and extending Bush's tax cuts, in 2040 federal revenue will just (barely) pay interest on the deficit.
Editorial Comment on Bush Budget - Feb 2005
8 February 2005. The Bush budget released on 7 February proposes the largest cut in domestic spending since President Reagan was in office; excluding military spending, discretionary spending (such as for education and the environment) would be cut about 1 percent. Discretionary, non-defense spending is about 20% of the total federal budget, minus monies for the war effort.
8 February 2005. The Bush budget released on 7 February proposes the largest cut in domestic spending since President Reagan was in office; excluding military spending, discretionary spending (such as for education and the environment) would be cut about 1 percent. Discretionary, non-defense spending is about 20% of the total federal budget, minus monies for the war effort.
News: Greenspan on Budget Deficits
3 March 2005. Alan Greenspan testified before the House Budget Committee, not as Fed Chair but "speak[ing] for myself and not necessarily for the Federal Reserve." Greenspan began his prepared remarks voicing concern about the deficit.
3 March 2005. Alan Greenspan testified before the House Budget Committee, not as Fed Chair but "speak[ing] for myself and not necessarily for the Federal Reserve." Greenspan began his prepared remarks voicing concern about the deficit.
News: US Budget Deficit Worsens
7 September 2004. The Congressional Budget Office projects that the budget deficit for 2004 will be a record $422 billion, even adjusted for inflation.
7 September 2004. The Congressional Budget Office projects that the budget deficit for 2004 will be a record $422 billion, even adjusted for inflation.
Budget of the United States - GPO - Official
Issued by the Office of Management and Budget, the Budget of the United States Government is a collection that contains the budget message of the President, the President's budget proposals for a given fiscal year, and other budgetary publications issued throughout the fiscal year. Other related and supporting budget publications, such as the Economic Report of the President, are included.
Issued by the Office of Management and Budget, the Budget of the United States Government is a collection that contains the budget message of the President, the President's budget proposals for a given fiscal year, and other budgetary publications issued throughout the fiscal year. Other related and supporting budget publications, such as the Economic Report of the President, are included.
The Complete Federal Budget Explorer
The Complete Federal Budget Explorer provides information about budget expenditures by category, as well as the extent of the deficit and debt. It also has an interactive tool (Internet Explorer) which allows you to adjust receipts and expenditures in order to achieve a balanced budget.
The Complete Federal Budget Explorer provides information about budget expenditures by category, as well as the extent of the deficit and debt. It also has an interactive tool (Internet Explorer) which allows you to adjust receipts and expenditures in order to achieve a balanced budget.
The Federal Budget and the National Debt
Using US Treasury department data, provides a detailed breakdown of budget expenditures and acculumated debt. Explains the difference between deficit and debt and provides links to information on a constitutional amendment to require a balanced budget.
Using US Treasury department data, provides a detailed breakdown of budget expenditures and acculumated debt. Explains the difference between deficit and debt and provides links to information on a constitutional amendment to require a balanced budget.
The Federal Pie Chart
Compares a federal government view of the budget (pie chart) with "a more accurate representation of how your Federal income tax dollar is really spent." Focuses on defense and military spending and off-budget expenses for the war in Iraq.
Compares a federal government view of the budget (pie chart) with "a more accurate representation of how your Federal income tax dollar is really spent." Focuses on defense and military spending and off-budget expenses for the war in Iraq.
The National Budget Simulation
A browser-neutral simulation, this game provides a feel for the trade-offs needed to create balanced federal budgets. The simulation produces a graph showing the distribution of spending and tax expenditures in several categories.
A browser-neutral simulation, this game provides a feel for the trade-offs needed to create balanced federal budgets. The simulation produces a graph showing the distribution of spending and tax expenditures in several categories.
Office of Management and Budget - Budget Documents
OMB is part of the executive branch of government and helps the President prepare the proposed federal budget and also to supervise its administration in Executive Branch agencies. Historical data, interim reports, budget analyses.
OMB is part of the executive branch of government and helps the President prepare the proposed federal budget and also to supervise its administration in Executive Branch agencies. Historical data, interim reports, budget analyses.
Public Agenda Issue Guide: The Federal Budget
Overview of issues surrounding the federal budget, how the public defines concerns around the budget, facts and resources.
Overview of issues surrounding the federal budget, how the public defines concerns around the budget, facts and resources.
US House Budget Committee
News, hearings, bills, testimony from the US Senate Budget Committee, chaired by Jim Nussle (R-IA).
News, hearings, bills, testimony from the US Senate Budget Committee, chaired by Jim Nussle (R-IA).
US Senate Budget Committee
News, hearings, bills, testimony from the US Senate Budget Committee, chaired by Judd Gregg (R-NH).
News, hearings, bills, testimony from the US Senate Budget Committee, chaired by Judd Gregg (R-NH).