SlideShare uma empresa Scribd logo
1 de 1
Baixar para ler offline
The
FEDERAL
BUDGET
IN 2013
CATEGORIES of
the BUDGET
DEFICITS and
the DEBT
Mandatory
Spending
Consists primarily of
benefit programs for
which laws set eligibility
rules and benefit formulas
Consists of spending that
lawmakers control through
annual appropriation acts
Consists of the government’s
interest payments on debt held by
the public, offset by interest
income the government receives
Funds collected from the public
that arise from the government’s
exercise of its sovereign powers
Deficit in 2013 as a
percentage of GDP
Debt held by the
public as a percentage of
GDP, on average,
over the past 40 years
Net Interest Revenues
The federal budget deficit grew during the 2008–2009 recession and began to shrink soon
afterward. However, at $680 billion, it was still larger in 2013 than in 2008. As a percentage of
gross domestic product (GDP), the deficit in 2013 was also larger than the average of the past
40 years.
Federal outlays amounted to 20.8% of GDP in 2013, slightly higher than the 40-year average.
Revenues were 16.7% of GDP, the highest percentage since 2008 but still below the 40-year
average.
The large budget deficits recorded in recent years substantially increased federal debt, and the
amount of debt relative to the size of the economy is now very high by historical standards. In 2013,
federal debt reached 72% of GDP, the highest level in more than 60 years. Such debt could have
serious negative consequences, including restraining long-term economic growth, giving
policymakers less flexibility to respond to unexpected challenges, and eventually increasing the risk
of a fiscal crisis.
Deficits as a percentage
of GDP, on average,
over the past 40 years
Debt held by the
public as a percentage
of GDP at the end of
2013
72%39%4.1%3.1%
Prepared by Maureen Costantino and Jonathan Schwabish
Source: Congressional Budget Office, April 2014
Contact: CBO Projections Unit, Budget Analysis Division; Tax Analysis Division
For more details, see CBO’s Updated Budget Projections: 2014 to 2024
(April 2014), http://go.usa.gov/k2TA.
All data are for federal fiscal years,
which run from October 1 to September 30.
Numbers may not add up to totals because of rounding.
Discretionary
Spending
For more information,
see these CBO publications:
Updated Budget Projections:
2014 to 2024
http://go.usa.gov/k2TA
The Budget and Economic
Outlook: 2014 to 2024
http://go.usa.gov/KZKT
The 2013 Long-Term
Budget Outlook
http://go.usa.gov/KZK9
Social
Security
4.9% of GDP
$808 Billion
Net Interest
1.3% of GDP
$221 Billion
Defense
3.8% of GDP
$626 Billion
Nondefense
3.5% of GDP
$576 Billion
Medicaid
1.6% of GDP
$265 Billion
Other
2.8 % of GDP
$467 Billion
Consists of spending on certain programs
related to transportation, education,
veterans’ benefits, health, housing
assistance, and other activities
Consists of spending on unemployment compensation,
federal civilian and military retirement, some veterans’
benefits, the earned income tax credit, the Supplemental
Nutrition Assistance Program, and other programs, minus
income from offsetting receipts
Spending
$3.5 Trillion
Mandatory
Spending
12.2% of GDP
$2.0 Trillion
Discretionary
Spending
7.2% of GDP
$1.2 Trillion
Medicare
3.0% of GDP
$492 Billion
Consists of Medicare
spending minus income
from premiums and other
offsetting receipts
Social
Insurance Taxes
5.7% of GDP
$948 Billion
Corporate
Income Taxes
1.6% of GDP
$274 Billion
Individual
Income Taxes
7.9% of GDP
$1.3 Trillion
Other
1.4% of GDP
$237 Billion
Revenues
$2.8 Trillion
Consists of payroll taxes that fund
social insurance programs, primarily
Social Security and Medicare’s
Hospital Insurance program
Consists of excise taxes, estate and gift taxes,
customs duties, receipts from the Federal
Reserve, and miscellaneous fees and fines
Annual Deficit or Surplus =
Revenues − Outlays
To fund government spending in years of
deficits, the government borrows from
individuals, businesses, or other countries by
selling them Treasury securities.
Federal Deficits, 1974–2013
Percentage of gross domestic product
Federal Debt, 1974–2013
Percentage of gross domestic product
1974 1978 1983 1988 1993 1998 2003 2008
−10
−8
−6
−4
−2
0
2
4
Average Deficit
1974–2013
2013
Debt
Debt held by the public is roughly equal to the
sum of annual deficits and surpluses. Other
factors, such as borrowing to fund student
loans and other federal credit programs, can
also affect debt held by the public.
1974 1978 1983 1988 1993 1998 2003 2008 2013
0
20
40
60
80
Average Debt
1974–2013

Mais conteúdo relacionado

Mais procurados

The 2016 Long-Term Budget Outlook: An Infographic
The 2016 Long-Term Budget Outlook: An InfographicThe 2016 Long-Term Budget Outlook: An Infographic
The 2016 Long-Term Budget Outlook: An InfographicCongressional Budget Office
 
Federal Health Care Spending:Why Is It Growing? What Could Be Done About It?
Federal Health Care Spending:Why Is It Growing? What Could Be Done About It?Federal Health Care Spending:Why Is It Growing? What Could Be Done About It?
Federal Health Care Spending:Why Is It Growing? What Could Be Done About It?Congressional Budget Office
 
CBO's Use of Evidence in Analysis of Budget and Economic Policies
CBO's Use of Evidence in Analysis of Budget and Economic PoliciesCBO's Use of Evidence in Analysis of Budget and Economic Policies
CBO's Use of Evidence in Analysis of Budget and Economic PoliciesCongressional Budget Office
 
Assessing Effects on the Federal Budget of Policies to Promote Health and Pre...
Assessing Effects on the Federal Budget of Policies to Promote Health and Pre...Assessing Effects on the Federal Budget of Policies to Promote Health and Pre...
Assessing Effects on the Federal Budget of Policies to Promote Health and Pre...Congressional Budget Office
 
Federal Health Care Spending: Why Is It Growing? What Could Be Done About ...
 Federal Health Care Spending:  Why Is It Growing?  What Could Be Done About ... Federal Health Care Spending:  Why Is It Growing?  What Could Be Done About ...
Federal Health Care Spending: Why Is It Growing? What Could Be Done About ...Congressional Budget Office
 
A Tour of the Federal Budget and Possible Changes in Budget Policy
A Tour of the Federal Budget and Possible Changes in Budget PolicyA Tour of the Federal Budget and Possible Changes in Budget Policy
A Tour of the Federal Budget and Possible Changes in Budget PolicyCongressional Budget Office
 
Choices for Federal Spending and Taxes: CBO Director Doug Elmendorf's Goldman...
Choices for Federal Spending and Taxes: CBO Director Doug Elmendorf's Goldman...Choices for Federal Spending and Taxes: CBO Director Doug Elmendorf's Goldman...
Choices for Federal Spending and Taxes: CBO Director Doug Elmendorf's Goldman...Congressional Budget Office
 
Raising the Excise Tax on Cigarettes: Effects on Health and the Federal Budget
Raising the Excise Tax on Cigarettes: Effects on Health and the Federal BudgetRaising the Excise Tax on Cigarettes: Effects on Health and the Federal Budget
Raising the Excise Tax on Cigarettes: Effects on Health and the Federal BudgetCongressional Budget Office
 
Using Analytic Models and Communicating Their Findings
Using Analytic Models and Communicating Their FindingsUsing Analytic Models and Communicating Their Findings
Using Analytic Models and Communicating Their FindingsCongressional Budget Office
 
An Overview of the 2021 Long-Term Budget Outlook
An Overview of the 2021 Long-Term Budget OutlookAn Overview of the 2021 Long-Term Budget Outlook
An Overview of the 2021 Long-Term Budget OutlookCongressional Budget Office
 
Information Sources for Policymakers: Congressional Budget Office 101
Information Sources for Policymakers: Congressional Budget Office 101Information Sources for Policymakers: Congressional Budget Office 101
Information Sources for Policymakers: Congressional Budget Office 101Congressional Budget Office
 
Estimating the Budgetary Implications of Prevention Policies
Estimating the Budgetary Implications of Prevention PoliciesEstimating the Budgetary Implications of Prevention Policies
Estimating the Budgetary Implications of Prevention PoliciesCongressional Budget Office
 
Choices for Federal Spending and Taxes: CBO Director Doug Elmendorf's Present...
Choices for Federal Spending and Taxes: CBO Director Doug Elmendorf's Present...Choices for Federal Spending and Taxes: CBO Director Doug Elmendorf's Present...
Choices for Federal Spending and Taxes: CBO Director Doug Elmendorf's Present...Congressional Budget Office
 

Mais procurados (20)

The 2016 Long-Term Budget Outlook: An Infographic
The 2016 Long-Term Budget Outlook: An InfographicThe 2016 Long-Term Budget Outlook: An Infographic
The 2016 Long-Term Budget Outlook: An Infographic
 
Federal Health Care Spending:Why Is It Growing? What Could Be Done About It?
Federal Health Care Spending:Why Is It Growing? What Could Be Done About It?Federal Health Care Spending:Why Is It Growing? What Could Be Done About It?
Federal Health Care Spending:Why Is It Growing? What Could Be Done About It?
 
CBO's Use of Evidence in Analysis of Budget and Economic Policies
CBO's Use of Evidence in Analysis of Budget and Economic PoliciesCBO's Use of Evidence in Analysis of Budget and Economic Policies
CBO's Use of Evidence in Analysis of Budget and Economic Policies
 
Assessing Effects on the Federal Budget of Policies to Promote Health and Pre...
Assessing Effects on the Federal Budget of Policies to Promote Health and Pre...Assessing Effects on the Federal Budget of Policies to Promote Health and Pre...
Assessing Effects on the Federal Budget of Policies to Promote Health and Pre...
 
Federal Health Care Spending: Why Is It Growing? What Could Be Done About ...
 Federal Health Care Spending:  Why Is It Growing?  What Could Be Done About ... Federal Health Care Spending:  Why Is It Growing?  What Could Be Done About ...
Federal Health Care Spending: Why Is It Growing? What Could Be Done About ...
 
Shifting Priorities in the Federal Budget
Shifting Priorities in the Federal BudgetShifting Priorities in the Federal Budget
Shifting Priorities in the Federal Budget
 
A Tour of the Federal Budget and Possible Changes in Budget Policy
A Tour of the Federal Budget and Possible Changes in Budget PolicyA Tour of the Federal Budget and Possible Changes in Budget Policy
A Tour of the Federal Budget and Possible Changes in Budget Policy
 
Choices for Federal Spending and Taxes: CBO Director Doug Elmendorf's Goldman...
Choices for Federal Spending and Taxes: CBO Director Doug Elmendorf's Goldman...Choices for Federal Spending and Taxes: CBO Director Doug Elmendorf's Goldman...
Choices for Federal Spending and Taxes: CBO Director Doug Elmendorf's Goldman...
 
Raising the Excise Tax on Cigarettes: Effects on Health and the Federal Budget
Raising the Excise Tax on Cigarettes: Effects on Health and the Federal BudgetRaising the Excise Tax on Cigarettes: Effects on Health and the Federal Budget
Raising the Excise Tax on Cigarettes: Effects on Health and the Federal Budget
 
Overview of the Federal Budget
Overview of the Federal BudgetOverview of the Federal Budget
Overview of the Federal Budget
 
Using Analytic Models and Communicating Their Findings
Using Analytic Models and Communicating Their FindingsUsing Analytic Models and Communicating Their Findings
Using Analytic Models and Communicating Their Findings
 
Trends in Federal Tax Revenues and Rates
Trends in Federal Tax Revenues and RatesTrends in Federal Tax Revenues and Rates
Trends in Federal Tax Revenues and Rates
 
An Overview of the 2021 Long-Term Budget Outlook
An Overview of the 2021 Long-Term Budget OutlookAn Overview of the 2021 Long-Term Budget Outlook
An Overview of the 2021 Long-Term Budget Outlook
 
Information Sources for Policymakers: Congressional Budget Office 101
Information Sources for Policymakers: Congressional Budget Office 101Information Sources for Policymakers: Congressional Budget Office 101
Information Sources for Policymakers: Congressional Budget Office 101
 
The Federal Budget: Outlook and Challenges
The Federal Budget: Outlook and ChallengesThe Federal Budget: Outlook and Challenges
The Federal Budget: Outlook and Challenges
 
Federal Investment
Federal InvestmentFederal Investment
Federal Investment
 
Budget Slideshow
Budget SlideshowBudget Slideshow
Budget Slideshow
 
Overview of the Federal Budget
Overview of the Federal BudgetOverview of the Federal Budget
Overview of the Federal Budget
 
Estimating the Budgetary Implications of Prevention Policies
Estimating the Budgetary Implications of Prevention PoliciesEstimating the Budgetary Implications of Prevention Policies
Estimating the Budgetary Implications of Prevention Policies
 
Choices for Federal Spending and Taxes: CBO Director Doug Elmendorf's Present...
Choices for Federal Spending and Taxes: CBO Director Doug Elmendorf's Present...Choices for Federal Spending and Taxes: CBO Director Doug Elmendorf's Present...
Choices for Federal Spending and Taxes: CBO Director Doug Elmendorf's Present...
 

Semelhante a Infographic: The Federal Budget in 2013

Averting a Fiscal Crisis
Averting a Fiscal CrisisAverting a Fiscal Crisis
Averting a Fiscal CrisisCRFB.org
 
Projections of Federal Spending on Major Health Care Programs
Projections of Federal Spending on Major Health Care ProgramsProjections of Federal Spending on Major Health Care Programs
Projections of Federal Spending on Major Health Care ProgramsCongressional Budget Office
 
Fiscal policy and budget
Fiscal policy and budgetFiscal policy and budget
Fiscal policy and budgetPradeep Awasare
 
Draft Proposal from the National Commission on Fiscal Responsibility and Reform
Draft Proposal from the National Commission on Fiscal Responsibility and ReformDraft Proposal from the National Commission on Fiscal Responsibility and Reform
Draft Proposal from the National Commission on Fiscal Responsibility and ReformToby Murdock
 
Cbo 2013 ltbo44521 ltbo 0
Cbo 2013 ltbo44521 ltbo 0Cbo 2013 ltbo44521 ltbo 0
Cbo 2013 ltbo44521 ltbo 0editorinchief
 
National Commission on Fiscal Responsibility and Reform Co-chair Draft
National Commission on Fiscal Responsibility and Reform Co-chair DraftNational Commission on Fiscal Responsibility and Reform Co-chair Draft
National Commission on Fiscal Responsibility and Reform Co-chair DraftPorts-To-Plains Blog
 
President Obama's FY 2014 Budget Proposal
President Obama's FY 2014 Budget ProposalPresident Obama's FY 2014 Budget Proposal
President Obama's FY 2014 Budget ProposalPatton Boggs LLP
 
Congressional Budget Office Revises 2013 Budget Deficit
Congressional Budget Office Revises 2013 Budget DeficitCongressional Budget Office Revises 2013 Budget Deficit
Congressional Budget Office Revises 2013 Budget DeficitAdvisors4Advisors
 
Pres. harvard. douglas w. elmendorf
Pres. harvard. douglas w. elmendorfPres. harvard. douglas w. elmendorf
Pres. harvard. douglas w. elmendorfFrank Ragol
 
Cbo a tour of the federal budget 4-26-13
Cbo   a tour of the federal budget 4-26-13Cbo   a tour of the federal budget 4-26-13
Cbo a tour of the federal budget 4-26-13tyantek
 
Comprehensive Congressional Hlt Reform Bills 2009 Figures
Comprehensive Congressional Hlt Reform Bills 2009 FiguresComprehensive Congressional Hlt Reform Bills 2009 Figures
Comprehensive Congressional Hlt Reform Bills 2009 FiguresBrian Ahier
 
Item iiia-the-brazilian-response-to-the-covid-19-crisis-2020
Item iiia-the-brazilian-response-to-the-covid-19-crisis-2020Item iiia-the-brazilian-response-to-the-covid-19-crisis-2020
Item iiia-the-brazilian-response-to-the-covid-19-crisis-2020OECDtax
 
Joint Committee Report: Fact Sheet
Joint Committee Report: Fact SheetJoint Committee Report: Fact Sheet
Joint Committee Report: Fact SheetObama2012
 
Growing Healthcare Costsandthe Federal Debt
Growing Healthcare Costsandthe Federal DebtGrowing Healthcare Costsandthe Federal Debt
Growing Healthcare Costsandthe Federal DebtHealthwork
 

Semelhante a Infographic: The Federal Budget in 2013 (20)

The 2018 Long-Term Budget Outlook in 25 Slides
The 2018 Long-Term Budget Outlook in 25 SlidesThe 2018 Long-Term Budget Outlook in 25 Slides
The 2018 Long-Term Budget Outlook in 25 Slides
 
Averting a Fiscal Crisis
Averting a Fiscal CrisisAverting a Fiscal Crisis
Averting a Fiscal Crisis
 
Projections of Federal Spending on Major Health Care Programs
Projections of Federal Spending on Major Health Care ProgramsProjections of Federal Spending on Major Health Care Programs
Projections of Federal Spending on Major Health Care Programs
 
Fiscal policy and budget
Fiscal policy and budgetFiscal policy and budget
Fiscal policy and budget
 
Draft Proposal from the National Commission on Fiscal Responsibility and Reform
Draft Proposal from the National Commission on Fiscal Responsibility and ReformDraft Proposal from the National Commission on Fiscal Responsibility and Reform
Draft Proposal from the National Commission on Fiscal Responsibility and Reform
 
Cbo 2013 ltbo44521 ltbo 0
Cbo 2013 ltbo44521 ltbo 0Cbo 2013 ltbo44521 ltbo 0
Cbo 2013 ltbo44521 ltbo 0
 
sl
slsl
sl
 
National Commission on Fiscal Responsibility and Reform Co-chair Draft
National Commission on Fiscal Responsibility and Reform Co-chair DraftNational Commission on Fiscal Responsibility and Reform Co-chair Draft
National Commission on Fiscal Responsibility and Reform Co-chair Draft
 
President Obama's FY 2014 Budget Proposal
President Obama's FY 2014 Budget ProposalPresident Obama's FY 2014 Budget Proposal
President Obama's FY 2014 Budget Proposal
 
Congressional Budget Office Revises 2013 Budget Deficit
Congressional Budget Office Revises 2013 Budget DeficitCongressional Budget Office Revises 2013 Budget Deficit
Congressional Budget Office Revises 2013 Budget Deficit
 
Budget Outlook
Budget OutlookBudget Outlook
Budget Outlook
 
Pres. harvard. douglas w. elmendorf
Pres. harvard. douglas w. elmendorfPres. harvard. douglas w. elmendorf
Pres. harvard. douglas w. elmendorf
 
Cbo a tour of the federal budget 4-26-13
Cbo   a tour of the federal budget 4-26-13Cbo   a tour of the federal budget 4-26-13
Cbo a tour of the federal budget 4-26-13
 
Our National Fiscal Challenge
Our National Fiscal ChallengeOur National Fiscal Challenge
Our National Fiscal Challenge
 
Comprehensive Congressional Hlt Reform Bills 2009 Figures
Comprehensive Congressional Hlt Reform Bills 2009 FiguresComprehensive Congressional Hlt Reform Bills 2009 Figures
Comprehensive Congressional Hlt Reform Bills 2009 Figures
 
Item iiia-the-brazilian-response-to-the-covid-19-crisis-2020
Item iiia-the-brazilian-response-to-the-covid-19-crisis-2020Item iiia-the-brazilian-response-to-the-covid-19-crisis-2020
Item iiia-the-brazilian-response-to-the-covid-19-crisis-2020
 
Joint Committee Report: Fact Sheet
Joint Committee Report: Fact SheetJoint Committee Report: Fact Sheet
Joint Committee Report: Fact Sheet
 
The 2019 Long-Term Budget Outlook
The 2019 Long-Term Budget OutlookThe 2019 Long-Term Budget Outlook
The 2019 Long-Term Budget Outlook
 
Growing Healthcare Costs and the Federal Debt
Growing Healthcare Costs and the Federal DebtGrowing Healthcare Costs and the Federal Debt
Growing Healthcare Costs and the Federal Debt
 
Growing Healthcare Costsandthe Federal Debt
Growing Healthcare Costsandthe Federal DebtGrowing Healthcare Costsandthe Federal Debt
Growing Healthcare Costsandthe Federal Debt
 

Mais de Congressional Budget Office

CBO’s Approach to Estimating the Budgetary Effects of the No Surprises Act of...
CBO’s Approach to Estimating the Budgetary Effects of the No Surprises Act of...CBO’s Approach to Estimating the Budgetary Effects of the No Surprises Act of...
CBO’s Approach to Estimating the Budgetary Effects of the No Surprises Act of...Congressional Budget Office
 
The Budget and Economic Outlook for 2024 to 2034: Press Briefing Slides
The Budget and Economic Outlook for 2024 to 2034: Press Briefing SlidesThe Budget and Economic Outlook for 2024 to 2034: Press Briefing Slides
The Budget and Economic Outlook for 2024 to 2034: Press Briefing SlidesCongressional Budget Office
 
The Economic Outlook for 2024 to 2034 in 19 Slides
The Economic Outlook for 2024 to 2034 in 19 SlidesThe Economic Outlook for 2024 to 2034 in 19 Slides
The Economic Outlook for 2024 to 2034 in 19 SlidesCongressional Budget Office
 
Using Multiple Data Sources to Learn About the Race and Ethnicity of Taxpayers
Using Multiple Data Sources to Learn About the Race and Ethnicity of TaxpayersUsing Multiple Data Sources to Learn About the Race and Ethnicity of Taxpayers
Using Multiple Data Sources to Learn About the Race and Ethnicity of TaxpayersCongressional Budget Office
 
Perspectives on the Navy’s 2024 Shipbuilding Plan
Perspectives on the Navy’s 2024 Shipbuilding PlanPerspectives on the Navy’s 2024 Shipbuilding Plan
Perspectives on the Navy’s 2024 Shipbuilding PlanCongressional Budget Office
 
The 2024 Outlook for Navy Shipbuilding: Familiar Plans and Higher Costs
The 2024 Outlook for Navy Shipbuilding: Familiar Plans and Higher CostsThe 2024 Outlook for Navy Shipbuilding: Familiar Plans and Higher Costs
The 2024 Outlook for Navy Shipbuilding: Familiar Plans and Higher CostsCongressional Budget Office
 
Exploring the Effects of Medicaid During Childhood on the Economy and the Budget
Exploring the Effects of Medicaid During Childhood on the Economy and the BudgetExploring the Effects of Medicaid During Childhood on the Economy and the Budget
Exploring the Effects of Medicaid During Childhood on the Economy and the BudgetCongressional Budget Office
 
CBO’s Role and Most Recent Long-Term Budget Projections
CBO’s Role and Most Recent Long-Term Budget ProjectionsCBO’s Role and Most Recent Long-Term Budget Projections
CBO’s Role and Most Recent Long-Term Budget ProjectionsCongressional Budget Office
 
Approaches to Estimating the Noncyclical Rate of Unemployment
 Approaches to Estimating the Noncyclical Rate of Unemployment Approaches to Estimating the Noncyclical Rate of Unemployment
Approaches to Estimating the Noncyclical Rate of UnemploymentCongressional Budget Office
 
CBO’s Analysis of the Long-Term Budgetary Outlook
CBO’s Analysis of the Long-Term Budgetary OutlookCBO’s Analysis of the Long-Term Budgetary Outlook
CBO’s Analysis of the Long-Term Budgetary OutlookCongressional Budget Office
 
Projecting the Effects of U.S. Federal Policies on Electric Vehicle Demand an...
Projecting the Effects of U.S. Federal Policies on Electric Vehicle Demand an...Projecting the Effects of U.S. Federal Policies on Electric Vehicle Demand an...
Projecting the Effects of U.S. Federal Policies on Electric Vehicle Demand an...Congressional Budget Office
 
CBO’s Recent Appeals for New Research to Enhance Its Work for the Congress
CBO’s Recent Appeals for New Research to Enhance Its Work for the CongressCBO’s Recent Appeals for New Research to Enhance Its Work for the Congress
CBO’s Recent Appeals for New Research to Enhance Its Work for the CongressCongressional Budget Office
 
Trends in the Distribution of Household Income From 1979 to 2020
Trends in the Distribution of Household Income From 1979 to 2020Trends in the Distribution of Household Income From 1979 to 2020
Trends in the Distribution of Household Income From 1979 to 2020Congressional Budget Office
 
The Federal Budget Process and the Role of the Congressional Budget Office
The Federal Budget Process and the Role of the Congressional Budget OfficeThe Federal Budget Process and the Role of the Congressional Budget Office
The Federal Budget Process and the Role of the Congressional Budget OfficeCongressional Budget Office
 
The Federal Budget Process and the Role of the Congressional Budget Office
The Federal Budget Process and the Role of the Congressional Budget OfficeThe Federal Budget Process and the Role of the Congressional Budget Office
The Federal Budget Process and the Role of the Congressional Budget OfficeCongressional Budget Office
 

Mais de Congressional Budget Office (20)

CBO’s Approach to Estimating the Budgetary Effects of the No Surprises Act of...
CBO’s Approach to Estimating the Budgetary Effects of the No Surprises Act of...CBO’s Approach to Estimating the Budgetary Effects of the No Surprises Act of...
CBO’s Approach to Estimating the Budgetary Effects of the No Surprises Act of...
 
The Budget and Economic Outlook for 2024 to 2034: Press Briefing Slides
The Budget and Economic Outlook for 2024 to 2034: Press Briefing SlidesThe Budget and Economic Outlook for 2024 to 2034: Press Briefing Slides
The Budget and Economic Outlook for 2024 to 2034: Press Briefing Slides
 
The Economic Outlook for 2024 to 2034 in 19 Slides
The Economic Outlook for 2024 to 2034 in 19 SlidesThe Economic Outlook for 2024 to 2034 in 19 Slides
The Economic Outlook for 2024 to 2034 in 19 Slides
 
Using Multiple Data Sources to Learn About the Race and Ethnicity of Taxpayers
Using Multiple Data Sources to Learn About the Race and Ethnicity of TaxpayersUsing Multiple Data Sources to Learn About the Race and Ethnicity of Taxpayers
Using Multiple Data Sources to Learn About the Race and Ethnicity of Taxpayers
 
Perspectives on the Navy’s 2024 Shipbuilding Plan
Perspectives on the Navy’s 2024 Shipbuilding PlanPerspectives on the Navy’s 2024 Shipbuilding Plan
Perspectives on the Navy’s 2024 Shipbuilding Plan
 
The 2024 Outlook for Navy Shipbuilding: Familiar Plans and Higher Costs
The 2024 Outlook for Navy Shipbuilding: Familiar Plans and Higher CostsThe 2024 Outlook for Navy Shipbuilding: Familiar Plans and Higher Costs
The 2024 Outlook for Navy Shipbuilding: Familiar Plans and Higher Costs
 
CBO’s Use of GitHub
CBO’s Use of GitHubCBO’s Use of GitHub
CBO’s Use of GitHub
 
Exploring the Effects of Medicaid During Childhood on the Economy and the Budget
Exploring the Effects of Medicaid During Childhood on the Economy and the BudgetExploring the Effects of Medicaid During Childhood on the Economy and the Budget
Exploring the Effects of Medicaid During Childhood on the Economy and the Budget
 
CBO’s Role and Most Recent Long-Term Budget Projections
CBO’s Role and Most Recent Long-Term Budget ProjectionsCBO’s Role and Most Recent Long-Term Budget Projections
CBO’s Role and Most Recent Long-Term Budget Projections
 
Atlas of Military Compensation
Atlas of Military CompensationAtlas of Military Compensation
Atlas of Military Compensation
 
Approaches to Estimating the Noncyclical Rate of Unemployment
 Approaches to Estimating the Noncyclical Rate of Unemployment Approaches to Estimating the Noncyclical Rate of Unemployment
Approaches to Estimating the Noncyclical Rate of Unemployment
 
CBO’s Analysis of the Long-Term Budgetary Outlook
CBO’s Analysis of the Long-Term Budgetary OutlookCBO’s Analysis of the Long-Term Budgetary Outlook
CBO’s Analysis of the Long-Term Budgetary Outlook
 
Projecting the Effects of U.S. Federal Policies on Electric Vehicle Demand an...
Projecting the Effects of U.S. Federal Policies on Electric Vehicle Demand an...Projecting the Effects of U.S. Federal Policies on Electric Vehicle Demand an...
Projecting the Effects of U.S. Federal Policies on Electric Vehicle Demand an...
 
CBO’s Recent Appeals for New Research to Enhance Its Work for the Congress
CBO’s Recent Appeals for New Research to Enhance Its Work for the CongressCBO’s Recent Appeals for New Research to Enhance Its Work for the Congress
CBO’s Recent Appeals for New Research to Enhance Its Work for the Congress
 
Trends in the Distribution of Household Income From 1979 to 2020
Trends in the Distribution of Household Income From 1979 to 2020Trends in the Distribution of Household Income From 1979 to 2020
Trends in the Distribution of Household Income From 1979 to 2020
 
The Federal Budget Process and the Role of the Congressional Budget Office
The Federal Budget Process and the Role of the Congressional Budget OfficeThe Federal Budget Process and the Role of the Congressional Budget Office
The Federal Budget Process and the Role of the Congressional Budget Office
 
Health Care and the Federal Budget
Health Care and the Federal Budget Health Care and the Federal Budget
Health Care and the Federal Budget
 
How CBO Projects Corporate Income Tax Revenues
How CBO Projects Corporate Income Tax RevenuesHow CBO Projects Corporate Income Tax Revenues
How CBO Projects Corporate Income Tax Revenues
 
CBO’s 2023 Long-Term Budget Projections
CBO’s 2023 Long-Term Budget ProjectionsCBO’s 2023 Long-Term Budget Projections
CBO’s 2023 Long-Term Budget Projections
 
The Federal Budget Process and the Role of the Congressional Budget Office
The Federal Budget Process and the Role of the Congressional Budget OfficeThe Federal Budget Process and the Role of the Congressional Budget Office
The Federal Budget Process and the Role of the Congressional Budget Office
 

Último

CCFW_Launch slides by Nicostrato Perez, IFPRI
CCFW_Launch slides by Nicostrato Perez, IFPRICCFW_Launch slides by Nicostrato Perez, IFPRI
CCFW_Launch slides by Nicostrato Perez, IFPRIAhmed Ali
 
Let’s feed hungry people in kurnool.docx
Let’s feed hungry people in kurnool.docxLet’s feed hungry people in kurnool.docx
Let’s feed hungry people in kurnool.docxSERUDS INDIA
 
CeraWeek 2024 - Executive conference agenda
CeraWeek 2024 - Executive conference agendaCeraWeek 2024 - Executive conference agenda
CeraWeek 2024 - Executive conference agendaEnergy for One World
 
Canadian Immigration Tracker - January 2024.pdf
Canadian Immigration Tracker - January 2024.pdfCanadian Immigration Tracker - January 2024.pdf
Canadian Immigration Tracker - January 2024.pdfAndrew Griffith
 
Hadley Wood Newsletter - February 2024 Edition
Hadley Wood Newsletter - February 2024 EditionHadley Wood Newsletter - February 2024 Edition
Hadley Wood Newsletter - February 2024 EditionHadleyWood Association
 
Millions of Homeless Children's in world
Millions of Homeless Children's in worldMillions of Homeless Children's in world
Millions of Homeless Children's in worldSERUDS INDIA
 
The AMAMPEMBE Royal Kingdom of South Africa.
The AMAMPEMBE Royal Kingdom of South Africa.The AMAMPEMBE Royal Kingdom of South Africa.
The AMAMPEMBE Royal Kingdom of South Africa.SUNWayResearchandInn
 
100 Community Place Signage for the main Lobby
100 Community Place Signage for the main Lobby100 Community Place Signage for the main Lobby
100 Community Place Signage for the main Lobbyericdove88
 
THEOLOGY SOCIAL JUSTICE - TYPHOON ULYSSES
THEOLOGY SOCIAL JUSTICE - TYPHOON ULYSSESTHEOLOGY SOCIAL JUSTICE - TYPHOON ULYSSES
THEOLOGY SOCIAL JUSTICE - TYPHOON ULYSSESLouis Malaybalay
 
Livewell Oxygen System Tested by Texas Parks and Wildlife
Livewell Oxygen System Tested by Texas Parks and WildlifeLivewell Oxygen System Tested by Texas Parks and Wildlife
Livewell Oxygen System Tested by Texas Parks and WildlifeRandy Myers
 
2024: The FAR, Federal Acquisition Regulations - Part 15
2024: The FAR, Federal Acquisition Regulations - Part 152024: The FAR, Federal Acquisition Regulations - Part 15
2024: The FAR, Federal Acquisition Regulations - Part 15JSchaus & Associates
 
Understanding Year End for Town & Parish Councillors
Understanding Year End for Town & Parish CouncillorsUnderstanding Year End for Town & Parish Councillors
Understanding Year End for Town & Parish CouncillorsScribe
 
Hadley Wood Newsletter - December 2023 Edition
Hadley Wood Newsletter - December 2023 EditionHadley Wood Newsletter - December 2023 Edition
Hadley Wood Newsletter - December 2023 EditionHadleyWood Association
 
CIA Annual Global Threat Assessment 2024
CIA Annual Global Threat Assessment 2024CIA Annual Global Threat Assessment 2024
CIA Annual Global Threat Assessment 2024Energy for One World
 
Women paying the health cost of the climate crisis
Women paying the health cost of the climate crisisWomen paying the health cost of the climate crisis
Women paying the health cost of the climate crisisIIED
 

Último (20)

CCFW_Launch slides by Nicostrato Perez, IFPRI
CCFW_Launch slides by Nicostrato Perez, IFPRICCFW_Launch slides by Nicostrato Perez, IFPRI
CCFW_Launch slides by Nicostrato Perez, IFPRI
 
Let’s feed hungry people in kurnool.docx
Let’s feed hungry people in kurnool.docxLet’s feed hungry people in kurnool.docx
Let’s feed hungry people in kurnool.docx
 
PPT - SIGMA-GIZ Academies - Stage 1 - SIGMA opening.pdf
PPT - SIGMA-GIZ Academies - Stage 1 - SIGMA opening.pdfPPT - SIGMA-GIZ Academies - Stage 1 - SIGMA opening.pdf
PPT - SIGMA-GIZ Academies - Stage 1 - SIGMA opening.pdf
 
CeraWeek 2024 - Executive conference agenda
CeraWeek 2024 - Executive conference agendaCeraWeek 2024 - Executive conference agenda
CeraWeek 2024 - Executive conference agenda
 
Canadian Immigration Tracker - January 2024.pdf
Canadian Immigration Tracker - January 2024.pdfCanadian Immigration Tracker - January 2024.pdf
Canadian Immigration Tracker - January 2024.pdf
 
Photo gallery - SIGMA-GIZ Academies on QM - Stage 1.pdf
Photo gallery - SIGMA-GIZ Academies on QM - Stage 1.pdfPhoto gallery - SIGMA-GIZ Academies on QM - Stage 1.pdf
Photo gallery - SIGMA-GIZ Academies on QM - Stage 1.pdf
 
Hadley Wood Newsletter - February 2024 Edition
Hadley Wood Newsletter - February 2024 EditionHadley Wood Newsletter - February 2024 Edition
Hadley Wood Newsletter - February 2024 Edition
 
Millions of Homeless Children's in world
Millions of Homeless Children's in worldMillions of Homeless Children's in world
Millions of Homeless Children's in world
 
The AMAMPEMBE Royal Kingdom of South Africa.
The AMAMPEMBE Royal Kingdom of South Africa.The AMAMPEMBE Royal Kingdom of South Africa.
The AMAMPEMBE Royal Kingdom of South Africa.
 
100 Community Place Signage for the main Lobby
100 Community Place Signage for the main Lobby100 Community Place Signage for the main Lobby
100 Community Place Signage for the main Lobby
 
THEOLOGY SOCIAL JUSTICE - TYPHOON ULYSSES
THEOLOGY SOCIAL JUSTICE - TYPHOON ULYSSESTHEOLOGY SOCIAL JUSTICE - TYPHOON ULYSSES
THEOLOGY SOCIAL JUSTICE - TYPHOON ULYSSES
 
Livewell Oxygen System Tested by Texas Parks and Wildlife
Livewell Oxygen System Tested by Texas Parks and WildlifeLivewell Oxygen System Tested by Texas Parks and Wildlife
Livewell Oxygen System Tested by Texas Parks and Wildlife
 
2024: The FAR, Federal Acquisition Regulations - Part 15
2024: The FAR, Federal Acquisition Regulations - Part 152024: The FAR, Federal Acquisition Regulations - Part 15
2024: The FAR, Federal Acquisition Regulations - Part 15
 
Understanding Year End for Town & Parish Councillors
Understanding Year End for Town & Parish CouncillorsUnderstanding Year End for Town & Parish Councillors
Understanding Year End for Town & Parish Councillors
 
Hadley Wood Newsletter - December 2023 Edition
Hadley Wood Newsletter - December 2023 EditionHadley Wood Newsletter - December 2023 Edition
Hadley Wood Newsletter - December 2023 Edition
 
No Elevators Day - Communications Guide 2024 - #UseTheStairs
No Elevators Day - Communications Guide 2024 - #UseTheStairsNo Elevators Day - Communications Guide 2024 - #UseTheStairs
No Elevators Day - Communications Guide 2024 - #UseTheStairs
 
CIA Annual Global Threat Assessment 2024
CIA Annual Global Threat Assessment 2024CIA Annual Global Threat Assessment 2024
CIA Annual Global Threat Assessment 2024
 
Highland Hills Comprehensive Plan Public Meeting #1
Highland Hills Comprehensive Plan Public Meeting #1Highland Hills Comprehensive Plan Public Meeting #1
Highland Hills Comprehensive Plan Public Meeting #1
 
PPT - SIGMA-GIZ Academies - Stage 1 - CAF in Ukraine.pdf
PPT - SIGMA-GIZ Academies - Stage 1 - CAF in Ukraine.pdfPPT - SIGMA-GIZ Academies - Stage 1 - CAF in Ukraine.pdf
PPT - SIGMA-GIZ Academies - Stage 1 - CAF in Ukraine.pdf
 
Women paying the health cost of the climate crisis
Women paying the health cost of the climate crisisWomen paying the health cost of the climate crisis
Women paying the health cost of the climate crisis
 

Infographic: The Federal Budget in 2013

  • 1. The FEDERAL BUDGET IN 2013 CATEGORIES of the BUDGET DEFICITS and the DEBT Mandatory Spending Consists primarily of benefit programs for which laws set eligibility rules and benefit formulas Consists of spending that lawmakers control through annual appropriation acts Consists of the government’s interest payments on debt held by the public, offset by interest income the government receives Funds collected from the public that arise from the government’s exercise of its sovereign powers Deficit in 2013 as a percentage of GDP Debt held by the public as a percentage of GDP, on average, over the past 40 years Net Interest Revenues The federal budget deficit grew during the 2008–2009 recession and began to shrink soon afterward. However, at $680 billion, it was still larger in 2013 than in 2008. As a percentage of gross domestic product (GDP), the deficit in 2013 was also larger than the average of the past 40 years. Federal outlays amounted to 20.8% of GDP in 2013, slightly higher than the 40-year average. Revenues were 16.7% of GDP, the highest percentage since 2008 but still below the 40-year average. The large budget deficits recorded in recent years substantially increased federal debt, and the amount of debt relative to the size of the economy is now very high by historical standards. In 2013, federal debt reached 72% of GDP, the highest level in more than 60 years. Such debt could have serious negative consequences, including restraining long-term economic growth, giving policymakers less flexibility to respond to unexpected challenges, and eventually increasing the risk of a fiscal crisis. Deficits as a percentage of GDP, on average, over the past 40 years Debt held by the public as a percentage of GDP at the end of 2013 72%39%4.1%3.1% Prepared by Maureen Costantino and Jonathan Schwabish Source: Congressional Budget Office, April 2014 Contact: CBO Projections Unit, Budget Analysis Division; Tax Analysis Division For more details, see CBO’s Updated Budget Projections: 2014 to 2024 (April 2014), http://go.usa.gov/k2TA. All data are for federal fiscal years, which run from October 1 to September 30. Numbers may not add up to totals because of rounding. Discretionary Spending For more information, see these CBO publications: Updated Budget Projections: 2014 to 2024 http://go.usa.gov/k2TA The Budget and Economic Outlook: 2014 to 2024 http://go.usa.gov/KZKT The 2013 Long-Term Budget Outlook http://go.usa.gov/KZK9 Social Security 4.9% of GDP $808 Billion Net Interest 1.3% of GDP $221 Billion Defense 3.8% of GDP $626 Billion Nondefense 3.5% of GDP $576 Billion Medicaid 1.6% of GDP $265 Billion Other 2.8 % of GDP $467 Billion Consists of spending on certain programs related to transportation, education, veterans’ benefits, health, housing assistance, and other activities Consists of spending on unemployment compensation, federal civilian and military retirement, some veterans’ benefits, the earned income tax credit, the Supplemental Nutrition Assistance Program, and other programs, minus income from offsetting receipts Spending $3.5 Trillion Mandatory Spending 12.2% of GDP $2.0 Trillion Discretionary Spending 7.2% of GDP $1.2 Trillion Medicare 3.0% of GDP $492 Billion Consists of Medicare spending minus income from premiums and other offsetting receipts Social Insurance Taxes 5.7% of GDP $948 Billion Corporate Income Taxes 1.6% of GDP $274 Billion Individual Income Taxes 7.9% of GDP $1.3 Trillion Other 1.4% of GDP $237 Billion Revenues $2.8 Trillion Consists of payroll taxes that fund social insurance programs, primarily Social Security and Medicare’s Hospital Insurance program Consists of excise taxes, estate and gift taxes, customs duties, receipts from the Federal Reserve, and miscellaneous fees and fines Annual Deficit or Surplus = Revenues − Outlays To fund government spending in years of deficits, the government borrows from individuals, businesses, or other countries by selling them Treasury securities. Federal Deficits, 1974–2013 Percentage of gross domestic product Federal Debt, 1974–2013 Percentage of gross domestic product 1974 1978 1983 1988 1993 1998 2003 2008 −10 −8 −6 −4 −2 0 2 4 Average Deficit 1974–2013 2013 Debt Debt held by the public is roughly equal to the sum of annual deficits and surpluses. Other factors, such as borrowing to fund student loans and other federal credit programs, can also affect debt held by the public. 1974 1978 1983 1988 1993 1998 2003 2008 2013 0 20 40 60 80 Average Debt 1974–2013