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Budget principles
The U.S. Constitution (Article I, section 9, clause 7) states that "[n]o money shall be drawn from the Treasury, but in
Consequence of Appropriations made by Law; and a regular Statement and Account of Receipts and Expenditures of
all public Money shall be published from time to time."
Each year, the President of the United States submits his budget request to Congress for the following fiscal year as
required by the Budget and Accounting Act of 1921. Current law (31 U.S.C. § 1105 [3](a)) requires the president to
submit a budget no earlier than the first Monday in January, and no later than the first Monday in February.
Typically, presidents submit budgets on the first Monday in February. The budget submission has been delayed,
however, in some new presidents' first year when previous president belonged to a different party.
The federal budget is calculated largely on a cash basis. That is, revenues and outlays are recognized when
transactions are made. Therefore, the full long-term costs of entitlement programs such as Medicare, Social Security,
and the federal portion of Medicaid are not reflected in the federal budget. By contrast, many businesses and some
foreign governments have adopted forms of accrual accounting, which recognizes obligations and revenues when
they are incurred. The costs of some federal credit and loan programs, according to provisions of the Federal Credit
Reform Act of 1990, are calculated on a net present value basis.[4]
Federal agencies cannot spend money unless funds are authorized and appropriated. Typically, separate
Congressional committees have jurisdiction over authorization and appropriations. The House and Senate
Appropriations Committees currently have 12 subcommittees, which are responsible for drafting the 12 regular
appropriations bills that determine amounts of discretionary spending for various federal programs. Appropriations
bills must pass both the House and Senate and then be signed by the president in order to give federal agencies legal
authority to spend.[5] In many recent years, regular appropriations bills have been combined into "omnibus" bills.
Congress may also pass "special" or "emergency" appropriations. Spending that is deemed an "emergency" is
exempt from certain Congressional budget enforcement rules. Funds for disaster relief have sometimes come from
supplemental appropriations, such as after Hurricane Katrina. In other cases, funds included in emergency
supplemental appropriations bills support activities not obviously related to actual emergencies, such as parts of the
2000 Census of Population and Housing. Special appropriations have been used to fund most of the costs of war and
occupation in Iraq and Afghanistan so far.
Budget resolutions and appropriations bills, which reflect spending priorities of Congress, will usually differ from
funding levels in the president's budget. The president, however, retains substantial influence over the budget process
through his veto power and through his congressional allies when his party has a majority in Congress.
covers a common theme. Section 1, for example, provides an overview of the budget and off-budget totals; Section 2
provides tables on receipts by source; and Section 3 shows outlays by function. When a section contains several
tables, the general rule is to start with tables showing the broadest overview data and then work down to more
detailed tables. The purpose of these tables is to present a broad range of historical budgetary data in one convenient
reference source and to provide relevant comparisons likely to be most useful. The most common comparisons are in
terms of proportions (e.g., each major receipt category as a percentage of total receipts and of the gross domestic
product).[6]
Tax policy
The appropriate level and distribution of
federal taxes has long been a controversial
topic. Since the 1970s, some "supply side"
economists have contended that lowering
taxes could stimulate economic growth to
such a degree that tax revenues could rise,
other factors being held constant. However,
economic models and econometric analysis
have found weak support for the "supply
side" theory. The Center on Budget and
Policy Priorities (CBPP) summarized a
variety of studies done by economists across
the political spectrum that indicated tax cuts
do not pay for themselves and increase
deficits.[9] Studies by the CBO and the U.S. Revenue and Expense as % GDP.
Treasury also indicated that tax cuts do not
pay for themselves.[10] [11] [12] [13] In 2003, 450 economists, including ten Nobel Prize
United States federal budget 4
Francis Fukuyama summarized these concepts: "Prior to the 1980s, conservatives were fiscally conservative— that
is, they were unwilling to spend more than they collected in taxes. But Reaganomics introduced the idea that
virtually any tax cut would so stimulate growth that the government would end up taking in more revenue in the end
(the so-called Laffer curve). In fact, the traditional view was correct: if you cut taxes without cutting spending, you
end up with a damaging deficit. Thus the Reagan tax cuts of the 1980s produced a big deficit; the Clinton tax
increases of the 1990s produced a surplus; and the Bush tax cuts of the early 21st century produced an even larger
deficit."[19]
Economist Bruce Bartlett wrote in 2009 that without benefit cuts in Medicare and Social Security, federal taxes
would have to increase by 8.1% of GDP now and forever to cover estimated program shortfalls, while avoiding debt
increases.[20] The 30-year historical average federal tax receipts are 18.4% of GDP, so this would represent an
enormous tax increase.[21]
Tax expenditures
The term "tax expenditures" refers to income exemptions or deductions that reduce the tax collections that would be
made applying a particular tax rate alone. In November 2009, The Economist estimated the additional federal tax
revenue generated from eliminating certain tax expenditures, for the 2013-2014 period. These included: income
exemptions for employer-provided health insurance ($215 billion); and various income deductions such as mortgage
interest ($147B), state & local taxes ($65B), capital gains on homes ($60B), property taxes ($33B) and municipal
bond interest ($37B). These total $557 billion. All of these steps together would reduce the projected deficit at that
time by nearly half.[22]
United States federal budget 5
Mandatory spending is expected to increase as a share of GDP. This is due to demographic trends, as the number of
workers continues declining relative to those receiving benefits. For example, the number of workers per retiree was
5.1 in 1960; this declined to 3.3 in 2007 and is projected to decline to 2.1 by 2040.[28] These programs are also
United States federal budget 6
affected by per-person costs, which are also expected to increase at a rate significantly higher than the economy. This
unfavorable combination of demographics and per-capita rate increases is expected to drive both Social Security and
Medicare into large deficits during the 21st century. Unless these long-term fiscal imbalances are addressed by
reforms to these programs, raising taxes or drastic cuts in discretionary programs, the federal government will at
some point be unable to pay its obligations without significant risk to the value of the dollar (inflation).[29] [30]
• Medicare was established in 1965 and expanded thereafter. In 2009, the program covered an estimated 45 million
persons (38 million aged and 7 million disabled). It consists of four distinct parts which are funded differently:
Hospital Insurance, mainly funded by a dedicated payroll tax of 2.9% of earnings, shared equally between
employers and workers; Supplementary Medical Insurance, funded through beneficiary premiums (set at 25% of
estimated program costs for the aged) and general revenues (the remaining amount, approximately 75%);
Medicare Advantage, a private plan option for beneficiaries, funded through the Hospital Insurance and
Supplementary Medical Insurance trust funds; and the "Part D" prescription drug benefits, for which funding is
included in the Supplementary Medical Insurance trust fund and is financed through beneficiary premiums (about
25%) and general revenues (about 75%).[31] Spending on Medicare and Medicaid is projected to grow
dramatically in coming decades. The number of persons enrolled in Medicare is expected to increase from 47
million in 2010 to 80 million by 2030.[32] While the same demographic trends that affect Social Security also
affect Medicare, rapidly rising medical prices appear to be a more important cause of projected spending
increases. Various reform strategies were proposed for healthcare,[33] and in March 2010, the Patient Protection
and Affordable Care Act was enacted as a means of health care reform.
• Social Security is a social insurance program officially called "Old-Age, Survivors, and Disability Insurance"
(OASDI), in reference to its three components. It is primarily funded through a dedicated payroll tax of 12.4%.
During 2009, total benefits of $686 billion were paid out versus income (taxes and interest) of $807 billion, a
$121 billion annual surplus. An estimated 156 million people paid into the program and 53 million received
benefits, roughly 2.94 workers per beneficiary.[34] Since the Greenspan Commission in the early 1980's, Social
Security has cumulatively collected far more in payroll taxes dedicated to the program than it has paid out to
recipients—nearly $2.4 trillion by 2008. This annual surplus is credited to Social Security trust funds that hold
special non-marketable Treasury securities, and this surplus amount is commonly referred to as the "Social
Security Trust Fund". The proceeds are paid into the U.S. Treasury where they may be used for other government
purposes. Social Security spending will increase sharply over the next decades, largely due to the retirement of
the baby boom generation. The number of program recipients is expected to increase from 44 million in 2010 to
73 million in 2030.[35] Program spending is projected to rise from 4.8% of GDP in 2010 to 5.9% of GDP by 2030,
where it will stabilize.[36] The Social Security Administration projects that an increase in payroll taxes equivalent
to 1.9% of the payroll tax base or 0.7% of GDP would be necessary to put the Social Security program in fiscal
balance for the next 75 years. Over an infinite time horizon, these shortfalls average 3.4% of the payroll tax base
and 1.2% of GDP.[37] Various reforms have been debated for Social Security. Examples include reducing future
annual cost of living adjustments (COLA) provided to recipients, raising the retirement age, and raising the
income limit subject to the payroll tax ($106,800 in 2009).[38] [39] Because of the large accumulated surplus in the
Social Security Trust Fund, however, the Social Security system is expected to be able to pay all promised
benefits through 2037 without adding to the deficit.[40]
United States federal budget 7
Other spending
• Military spending: The military budget
of the United States during FY 2009 was
approximately $683 billion in expenses
for the Department of Defense (DoD)
and $54 billion for Homeland Security, a
total of $737 billion.[41] The U.S. defense
budget (excluding spending for the wars
in Iraq and Afghanistan, Homeland
Security, and Veteran's Affairs) is around
4% of GDP.[42] Adding these other costs
places defense and homeland security
spending between 5% and 6% of GDP.
The DoD baseline budget, excluding
supplemental funding for the wars, has
grown from $297 billion in FY2001 to a Defense Spending 2000 - 2011.
budgeted $534 billion for FY2010, an
81% increase.[43] According to the CBO,
defense spending grew 9% annually on
average from fiscal year 2000-2009.[44]
Much of the costs for the wars in Iraq and
Afghanistan have not been funded
through regular appropriations bills, but
through emergency supplemental
appropriations bills. As such, most of
these expenses were not included in the
budget deficit calculation prior to
FY2010. Some budget experts argue that
emergency supplemental appropriations
bills do not receive the same level of
legislative care as regular appropriations
bills.[45]
FY 2010 Estimated Federal Spending per 2011 Budget
lower interest rates.[49] Should these rates return to historical averages, the interest cost would increase
dramatically. Historian Niall Ferguson described the risk that foreign investors would demand higher interest
rates as the U.S. debt levels increase over time in a November 2009 interview.[50] Public debt owned by
foreigners has increased to approximately 50% of the total or approximately $3.4 trillion.[51] As a result, nearly
50% of the interest payments are now leaving the country, which is different from past years when interest was
paid to U.S. citizens holding the public debt. Interest expenses are projected to grow dramatically as the U.S. debt
increases and interest rates rise from very low levels in 2009 to more typical historical levels.
These differences can make it more challenging to determine how much the government actually spends relative to
tax revenues. The increase in the national debt during a given year is a helpful measure to determine this amount.
From FY 2003-2007, the national debt increased approximately $550 billion per year on average. For the first time
in FY 2008, the U.S. added $1 trillion to the national debt.[55] In relative terms, from 2003-2007 the government
spent roughly $1.20 for each $1.00 it collected in taxes. This increased to $1.40 in FY2008 and $1.90 in FY2009.
Social Security payroll taxes and benefit payments, along with the net balance of the U.S. Postal Service are
considered "off-budget." Administrative costs of the Social Security Administration (SSA), however, are classified
as "on-budget." In large part because of Social Security surpluses, the total federal budget deficit is smaller than the
on-budget deficit. The surplus of Social Security payroll taxes over benefit payments is invested in special Treasury
securities held by the Social Security Trust Fund. Social Security and other federal trust funds are part of the
"intergovernmental debt." The total federal debt is divided into "intergovernmental debt" and "debt held by the
public."
United States federal budget 9
Stimulus packages
The Economic Stimulus Act of 2008 provided an estimated $170 billion in tax rebates to stimulate the economy. The
Congressional Budget Office (CBO) estimated that the Act "would increase budget deficits (or reduce future
surpluses) by $152 billion in 2008 and by a net amount of $124 billion over the 2008-2018 period."[60]
The American Recovery and Reinvestment Act of 2009 was passed by the U.S. Congress on 13 February 2009. The
nearly $800 billion bill appropriated money toward tax credits and infrastructure programs. The CBO estimates that
enacting the bill would increase federal budget deficits by $185 billion over the remaining months of fiscal year
2009, by $399 billion in 2010, by $134 billion in 2011, and by $787 billion over the 2009-2019 period.[61]
United States federal budget 10
Stimulus can be characterized as investment, spending or tax cuts. For example, if the funds are used to create a
physical asset that generates future cash flows (e.g., a power plant or toll road), the stimulus could be characterized
as investment. Extending unemployment benefits are examples of government spending. Tax cuts may or may not be
spent. There is significant debate among economists regarding which type of stimulus has the highest "multiplier"
(i.e., increase in economic activity per dollar of stimulus).[62]
Earmarks
GAO defines "earmarking" as "designating any portion of a lump-sum amount for particular purposes by means of
legislative language." Earmarking can also mean "dedicating collections by law for a specific purpose." [63] In some
cases, legislative language may direct federal agencies to spend funds for specific projects. In other cases, earmarks
refer to directions in appropriation committee reports, which are not law. Various organizations have estimated the
total number and amount of earmarks. An estimated 16,000 earmarks containing nearly $48 billion in spending were
inserted into larger, often unrelated bills during 2005.[64] While the number of earmarks has grown in the past
decade, the total amount of earmarked funds is approximately 1-2 percent of federal spending.[65]
supplemental appropriations for the Iraq War are expected to be reduced. In addition, estimates of revenue are based
on GDP growth assumptions that exceed the Blue Chip Economists' consensus forecast considerably through 2012
(Table S-8).[71] [72]
State finances
The U.S. federal government may be required to assist state governments further, as many U.S. states are facing
budget shortfalls due to the 2008-2010 recession. The sharp decline in home prices has affected property tax
revenue, while the decline in economic activity and consumer spending has led to a falloff in revenues from state
sales taxes and income taxes. The Center on Budget and Policy Priorities estimated that the 2010 and 2011 state
shortfalls will total $375 billion.[75] As of July 2010, over 30 states had raised taxes, while 45 had reduced
services.[76] State and local governments cut 405,000 jobs between January 2009 and February 2011.[77]
GAO estimates that (absent policy changes) state and local governments will face budget gaps that rise from 1% of
GDP in 2010 to around 2% by 2020, 2.5% by 2030, and 3.5% by 2040.[78]
Further, many states have underfunded pensions, meaning the state has not contributed the amount estimated to be
necessary to pay future obligations to retired workers. The Pew Center on the States reported in February 2010 that
states have underfunded their pensions by nearly $1 trillion as of 2008, representing the gap between the $2.35
trillion states had set aside to pay for employees’ retirement benefits and the $3.35 trillion price tag of those
promises.[79]
Whether a U.S. state can declare bankruptcy, enabling it to re-negotiate its obligations to bondholders, pensioners,
and public employee unions is a matter of legal and political debate. Journalist Matt Miller explained some of these
issues in February 2011: "The AG [State Attorney General] might put a plan forward and agree to conditions.
However, the AG has no say over the legislature. And only a legislature can raise taxes. In some cases, it would
require a state constitutional amendment to reduce pensions. Add to this a federal judge who would oversee the
process...and a state has sovereign immunity, which means the governor or legislature may simply refuse to go along
with anything the judge rules or reject the reorganization plan itself."[80]
The U.S. has a large current account or trade deficit, meaning its imports exceed exports. This also affects
employment levels. In 2005, Ben Bernanke addressed the implications of the USA's high and rising current account
deficit, which increased by $650 billion between 1996 and 2004, from 1.5% to 5.8% of GDP.[83] The trade deficit
reached a dollar peak of approximately $700 billion in 2008 (4.9% of GDP) before dropping to $420 billion in 2009
(2.9% of GDP) due to the 2009 recession.[84]
Imported goods are made by workers in other countries. EPI estimated U.S. job losses due to the trade deficit with
China alone at 2.3 million jobs between 2001 and 2007, along with significantly lowered U.S. wages.[85] USA Today
reported in 2007 that an estimated one in six factory jobs (3.2 million) have disappeared from the U.S. since 2000,
due to automation or off-shoring to countries like Mexico and China, where labor is cheaper. These lost
manufacturing jobs are fueling a debate over globalization -- the increasing connection of the United States and other
economies. An estimated 84% of Americans in the labor force are employed in service jobs, up from 81% in 2000.
Princeton economist Alan Blinder said in 2007 that the number of jobs at risk of being shipped out of the country
could reach 40 million over the next 10 to 20 years. That would be one out of every three service sector jobs that
could be at risk.[86]
Former Fed chair Paul Volcker argued in February 2010 that the U.S. should make more of the goods it consumes
domestically: "We need to do more manufacturing again. We're never going to be the major world manufacturer as
we were some years ago, but we could do more than we're doing and be more competitive. And we've got to close
that big gap. You know, consumption is running about 5 percent above normal. That 5 percent is reflected just about
equally to what we're importing in excess of what we're exporting. And we've got to bring that back into closer
balance."[87]
Deficit
discover that the public will immediately punish anyone who proposes spending cuts in any middle class program
which are the ones where the money is in the federal budget. Now, there is only one way to square this circle short of
magic, and that is to borrow money, and that is what we have done for decades now at the local, state and federal
level...So, the next time you accuse Washington of being irresponsible, save some of that blame for yourself and
your friends."[90]
Andrew Sullivan said in March 2010: "...the biggest problem in this country is...they're big babies. I mean, people
keep saying they don't want any tax increases, but they don't want to have their Medicare cut, they don't want to have
their Medicaid [cut] or they don't want to have their Social Security touched an inch. Well, it's about time someone
tells them, you can't have it, baby...You have to make a choice. And I fear that—and I always thought, you see, that
that was the Conservative position. The Conservative is the Grinch who says no. And, in some ways, I think this in
the long run, looking back in history, was Reagan's greatest bad legacy, which is he tried to tell people you can have
it all. We can't have it all."[91]
Harvard historian Niall Ferguson stated in a November 2009 interview: "The United States is on an unsustainable
fiscal path. And we know that path ends in one of two ways; you either default on that debt, or you depreciate it
away. You inflate it away with your currency effectively." He said the most likely case is that the U.S. would default
on its entitlement obligations for Social Security and Medicare first, by reducing the obligations through entitlement
reform. He also warned about the risk that foreign investors would demand a higher interest rate to purchase U.S.
debt, damaging U.S. growth prospects.[92]
The CBO reported several types of risk factors related to rising debt levels in a July 2010 publication:
• A growing portion of savings would go towards purchases of government debt, rather than investments in
productive capital goods such as factories and computers, leading to lower output and incomes than would
otherwise occur;
• If higher marginal tax rates were used to pay rising interest costs, savings would be reduced and work would be
discouraged;
• Rising interest costs would force reductions in important government programs;
• Restrictions to the ability of policymakers to use fiscal policy to respond to economic challenges; and
• An increased risk of a sudden fiscal crisis, in which investors demand higher interest rates.[93]
in the tax policy section of this article, multiple studies by economists across the political spectrum and several
government organizations argue that tax cuts increase deficits and debt.[9] [96]
Further, the GAO has estimated that double-digit GDP growth would be required for the next 75 years to outgrow
the projected increases in deficits and debt; GDP growth averaged 3.2% during the 1990s. Because mandatory
spending growth rates will far exceed any reasonable growth rate in GDP and the tax base, the GAO concluded that
the U.S. cannot grow its way out of the problem.[97]
Fed Chair Ben Bernanke stated in April 2010: "Unfortunately, we cannot grow our way out of this problem. No
credible forecast suggests that future rates of growth of the U.S. economy will be sufficient to close these deficits
without significant changes to our fiscal policies."[98]
Polls
According to a CBS News/New York Times poll in July 2009, 56% of people were opposed to paying more taxes to
reduce the deficit and 53% were also opposed to cutting spending. According to a Pew Research poll in June 2009,
there was no single category of spending that a majority of Americans favored cutting. Only cuts in foreign aid (less
than 1% of the budget), polled higher than 33%. Economist Bruce Bartlett wrote in December 2009: "Nevertheless, I
can't really blame members of Congress for lacking the courage or responsibility to get the budget under some
semblance of control. All the evidence suggests that they are just doing what voters want them to do, which is
nothing."[99]
A Bloomberg/Selzer national poll conducted in December 2009 indicated that more than two-thirds of Americans
favored tax increases on the rich (individuals making over $500,000) to help solve the deficit problem. Further, an
across-the-board 5% cut in all federal discretionary spending would be supported by 57%; this category is about 30%
of federal spending. Only 26% favored tax increases on the middle class and only 23% favored reducing the growth
rate in entitlements, such as Social Security.[100] [101]
A Rasmussen Reports survey in February 2010 showed that only 35% of voters correctly believe that the majority of
federal spending goes to just defense, Social Security and Medicare. Forty-four percent (44%) say it’s not true, and
20% are not sure. [102] A January 2010 Rasmussen report showed that overall, 57% would like to see a cut in
government spending, 23% favor a freeze, and 12% say the government should increase spending. Republicans and
unaffiliated voters overwhelmingly favor spending cuts. Democrats are evenly divided between spending cuts and a
spending freeze.[103]
According to a Pew Research poll in March 2010, 31% of Republicans would be willing to decrease military
spending to bring down the deficit. A majority of Democrats (55%) and 46% of Independents say they would accept
cuts in military spending to reduce the deficit.[104]
Proposed solutions
Solution strategies
In January 2008, then GAO Director David Walker presented a strategy for addressing what he called the federal
budget "burning platform" and "unsustainable fiscal policy." This included improved financial reporting to better
capture the obligations of the government; public education; improved budgetary and legislative processes, such as
"pay as you go" rules; the restructure of entitlement programs and tax policy; and creation of a bi-partisan fiscal
reform commission. He pointed to four types of "deficits" that comprise the problem: budget, trade, savings and
leadership.[105]
Economist Paul Krugman wrote in February 2011: "What would a serious approach to our fiscal problems involve? I
can summarize it in seven words: health care, health care, health care, revenue...Long-run projections suggest that
spending on the major entitlement programs will rise sharply over the decades ahead, but the great bulk of that rise
will come from the health insurance programs, not Social Security. So anyone who is really serious about the budget
United States federal budget 15
should be focusing mainly on health care...[by] getting behind specific actions to rein in costs."[106]
Economist Nouriel Roubini wrote in May 2010: "There are only two solutions to the sovereign debt crisis — raise
taxes or cut spending — but the political gridlock may prevent either from happening...In the US, the average tax
burden as a share of GDP is much lower than in other advanced economies. The right adjustment for the US would
be to phase in revenue increases gradually over time so that you don't kill the recovery while controlling the growth
of government spending."[107]
David Leonhardt wrote in The New York Times in March 2010: "For now, political leaders in both parties are still in
denial about what the solution will entail. To be fair, so is much of the public. What needs to happen? Spending will
need to be cut, and taxes will need to rise. They won’t need to rise just on households making more than $250,000,
as Mr. Obama has suggested. They will probably need to rise on your household, however much you make...A
solution that relied only on spending cuts would dismantle some bedrock parts of modern American society...A
solution that relied only on taxes would muzzle economic growth."[108]
Fed Chair Ben Bernanke stated in April 2010: "Thus, the reality is that the Congress, the Administration, and the
American people will have to choose among making modifications to entitlement programs such as Medicare and
Social Security, restraining federal spending on everything else, accepting higher taxes, or some combination
thereof."[98]
Journalist Steven Pearlstein argued in May 2010 for a comprehensive series of budgetary reforms. These included:
Spending caps on Medicare and Medicaid; gradually raising the eligibility age for Social Security and Medicare;
limiting discretionary spending increases to the rate of inflation; and imposing a value-added tax.[109]
Republican proposals
Rep. Paul Ryan (R) has proposed the Roadmap for America's Future, which is a series of budgetary reforms. His
January 2010 version of the plan includes partial privatization of Social Security, the transition of Medicare to a
voucher system, discretionary spending cuts and freezes, and tax reform.[116] A series of graphs and charts
summarizing the impact of the plan are included.[117] Economists have both praised and criticized particular features
of the plan.[118] [119] The CBO also did a partial evaluation of the bill.[120] The Center for Budget and Policy
Priorities (CBPP) was very critical of the Roadmap.[121] Rep. Ryan provided a response to the CBPP's analysis.[122]
The Republican Party website includes an alternative budget proposal provided to the President in January 2010. It
includes lower taxes, lower annual increases in entitlement spending growth, and marginally higher defense
spending than the President's 2011 budget proposal.[123] During September 2010, Republicans published "A Pledge
to America" which advocated a repeal of recent healthcare legislation, reduced spending and the size of government,
and tax reductions.[124] The NYT editorial board was very critical of the Pledge, stating: "...[The Pledge] offers a
laundry list of spending-cut proposals, none of which are up to the scale of the problem, and many that cannot be
taken seriously."[125]
References
[1] Charlie Rose Show-Senators Bayh, Gregg and Roger Altman-February 1, 2010 (http:/ / www. charlierose. com/ view/ interview/ 10840)
[2] Center on Budget and Policy Priorities-The Right Target: Stabilize the Federal Debt January 2010 (http:/ / www. cbpp. org/ files/
01-12-10bud. pdf)
[3] http:/ / www. law. cornell. edu/ uscode/ 31/ 1105. html
[4] The Federal Credit Reform Act was passed as part of the Omnibus Budget Reconciliation Act of 1990 (P.L. 101-508)
[5] A bill can also be enacted by a Congressional override of a presidential veto, or is automatically enacted if the president takes no action
within 10 days after receiving the bill.
[6] Historical Tables: Budget of the U.S. Government (http:/ / www. whitehouse. gov/ sites/ default/ files/ omb/ budget/ fy2011/ assets/ hist. pdf)
[7] CBO Historical Tables (http:/ / www. cbo. gov/ ftpdocs/ 120xx/ doc12039/ HistoricalTables[1]. pdf)
[8] CBO Historical Tables (http:/ / www. cbo. gov/ ftpdocs/ 120xx/ doc12039/ HistoricalTables[1]. pdf)
[9] CBPP-Will the Tax Cuts Eventually Pay for Themselves?-March 2003 (http:/ / www. cbpp. org/ archiveSite/ 3-3-03tax. pdf)
[10] CBO Study (http:/ / www. cbo. gov/ ftpdocs/ 69xx/ doc6908/ 12-01-10PercentTaxCut. pdf)
[11] Mankiw Study (http:/ / www. economics. harvard. edu/ faculty/ mankiw/ files/ dynamicscoring_05-1212. pdf)
[12] Washington Post 2007 (http:/ / www. washingtonpost. com/ wp-dyn/ content/ article/ 2007/ 01/ 05/ AR2007010501801. html)
[13] Washington Post 2006 (http:/ / www. washingtonpost. com/ wp-dyn/ content/ article/ 2006/ 05/ 14/ AR2006051400806. html)
[14] "4. Akerlof, G., Arrow, K. J., Diamond, P., Klein, L. R., McFadden, D. L., Mischel, L., Modigliani, F., North, D. C., Samuelson, P. A.,
Sharpe, W. F., Solow, R. M., Stiglitz, J., Tyson, A. D. & Yellen, J. (2003). Economists’ Statement Opposing the Bush Tax Cuts." (http:/ /
www. epi. org/ publications/ entry/ econ_stmt_2003/ ) (PDF). . Retrieved 2007-10-13.
[15] Krugman, Paul (2007). The Conscience of a Liberal. W.W. Norton Company, Inc.. ISBN 978-0-393-06069-0.
[16] Financial Times-Nouriel Roubini-A Presidency Headed for a Fiscal Trainwreck-October 2010 (http:/ / www. ft. com/ cms/ s/ 0/
dd140d16-e2c2-11df-8a58-00144feabdc0. html)
[17] Warren Buffett-Washington Post-Dividend Voodoo-May 2003 (http:/ / www. washingtonpost. com/ ac2/ wp-dyn?pagename=article&
node=& contentId=A13113-2003May19)
[18] IOUSA Movie-DVD-January 2009 Update (http:/ / www. iousathemovie. com/ )
[19] Fukuyama Newsweek Essay (http:/ / www. newsweek. com/ id/ 162401?tid=relatedcl)
[20] Forbes-Bruce Bartlett-The 81% Tax Increase-May 2009 (http:/ / www. forbes. com/ 2009/ 05/ 14/
taxes-social-security-opinions-columnists-medicare. html)
[21] Heritage Foundation-Book of Charts (http:/ / www. heritage. org/ BudgetChartBook/
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United States federal budget 21
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External links
• NYT-2011 Budget Interactive Graphic-February 2010 (http://www.nytimes.com/interactive/2010/02/01/us/
budget.html)
• Death and Taxes: 2009 (http://www.wallstats.com/deathandtaxes/resource/) A visual representation of the
2009 United States federal discretionary budget.
• Columbia University selective guide for research on the U.S. Federal budget process (http://www.columbia.
edu/cu/lweb/indiv/usgd/budget.html)
• FederalSpending.org "Federal Contracts and Grants" (http://www.fedspending.org/)
• Historical budget statistics (http://www.gpoaccess.gov/usbudget/fy09/pdf/hist.pdf)
• The Project on Middle East Democracy's May 2008 Report on the President's Budget Request for FY09 for
Democracy, Governance, and Human Rights in the Middle East (http://pomed.org/fy-09-budget-request-report)
• FY 2009 Omnibus Budget (http://publicservice.evendon.com/OmniApprop2009M.htm) Passed by the House
25Feb2009
• FY 2010 Budget Proposal (http://publicservice.evendon.com/FY2010BudgetM.htm) Submitted by The
President 26Feb2009
• Brookings Institution - Auerbach & Gale - An Update on the Economic and Fiscal Crises 2009 and Beyond -
September 2009 (http://www.brookings.edu/papers/2009/06_fiscal_crisis_gale.aspx)
• Gale & Auerbach (Brookings) - Analysis of 2010 Budget (http://www.taxpolicycenter.org/UploadedPDF/
411843_economic_crisis.pdf)
• NYT-Warren Buffet-Op Ed-The Greenback Effect (http://www.nytimes.com/2009/08/19/opinion/19buffett.
html)
• Federal Budget Experts (http://www.whorunsgov.com/Issues/Federal_budget/) at WhoRunsGov at The
Washington Post
United States federal budget 22
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