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Diane Publishing Books
Federal Budget: Issues for FY2013 and Beyond
Mindy R. Levit (au)
The federal budget is central to Congressńˇ╗s ability to exercise its ńˇýpower of the purse.ńˇŁ Over the last several fiscal years the imbalance between spending and revenues has grown as a result of the economic downturn and policies enacted in response to financial turmoil. In FY2011, the U.S. government spent $3,598 billion (24.1% of GDP) and collected $2,302 billion in revenue (15.4% of GDP), resulting in a budget deficit of $1,296 billion (8.7% of GDP). The FY2012 deficit is currently estimated at $1,079 billion (7.0% of GDP). The Obama Admin. released its FY2013 budget on Feb. 13, 2012. In FY2013, the Presidentńˇ╗s budget projects that the deficit will reach $901 billion. Budget deficits are projected throughout the 10-year budget window. The Presidentńˇ╗s budget proposes a variety of short-term tax and spending measures aimed at job creation which amount to nearly $350 billion in additional spending and tax cuts. Contents of this report: (1) Overview: Budget Cycle; Budget Baseline Projections; Spending and Revenue Trends; Deficits, Debt, and Interest; (2) Budgeting in Tough Economic Times; Federal Responses to the Economic Downturn; Budget Deficit Estimates for FY2012; Budget for FY2013; (3) Considerations for Congress; (4) Appendix: Budget Documents. Figures. This is a print on demand report.
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