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Spending History 2004 - 2008


UNITED STATES REVENUES AND EXPENDITURES
Federal Fiscal Years 2004 - 2008
(In Billions of Dollars)
Numbers may not add exactly due to rounding.

 
2004
(Actual)
2005
(Actual)
2006
(Actual)
2007
(Actual)
2008
(Actual)
REVENUES
Individual Income Taxes 
809.0
927.2
1,044.0
1,163.0
1,146.0
Corporate Income Taxes 
189.4
278.3
354.0
370.0
304.0
Social Insurance Taxes 1
733.4
794.1
838.0
870.0
900.0
Excise Taxes 2
69.9
73.1
74.0
65.0
-
Estate & Gift Taxes 
24.8
24.8
28.0
26.0
-
Customs Duties 
21.1
23.4
25.0
26.0
-
Miscellaneous Receipts 
32.8
33.0
44.0
47.0
173.0
 
TOTAL REVENUES  
1,880.3
2,153.9
2,407.0
2,568.0
2,524.0
 
OUTLAYS  
Discretionary Outlays  
Defense 
454.1
493.6
520.0
549.0
613.0
International/Nondefense3
33.8
39.0
496.0
493.0
519.0
Domestic
407.5
435.3
-
-
-
Interest
       -
       -
       -
      -
249.0
 
895.3
967.9
1,016.0
1,042.0
1,382.0
Mandatory Outlays  
Social Security 
491.5
518.7
544.0
581.0
612.0
Medicare
297.2
333.1
374.0
436.0
455.0
Medicaid
176.2
181.7
181.0
191.0
201.0
Income Support 4
190.7
195.9
199.0
202.0
228.0
Other Retirement &
Disability
135.0
147.6
149.0
159.0
129.0
Veterans
-
-
-
-
45.0
Other Programs
55.6
69.1
106.0
59.0
118.0
Net Interest 5
160.2
184.0
227.0
238.0
1.7
Offsetting Receipts 6
(108.7)
(125.8)
(141.0)
(178.0)
(192.0)
 
1,397.7
1,504.3
1,639.0
1,688.0
1,597.7
 
TOTAL OUTLAYS
2,293.0
2,472.2
2,655.0
2,731.0
2,979.7
 
 
 
 
 
 
Surplus/Deficit
(413.0)
(318.0)
(248.0)
(163.0)
(455.7)
 
 
 
 
   
Standardized Budget
Surplus/Deficit 7
(288.0)
(226.0)
-
-
-
 
  
U.S. DEBT
Debt Held by the Public 8
4,295.5
4,592.2
4,829.0
5,035.0
5,803.0
 
Intragovernmental Debt 9
3,071.7
3,331.5
3,623.0
3,916.0
4,183.0
 
Total U.S. Debt
7,367.2
7,923.7
8,452.0
8,951.0
9,986.0
 
 
 
 
 
Gross Domestic Product (GDP) 10
11,545.0
12,293.0
13,065.0
13,670.0
14,224.0
 
 
 
Surplus/Deficit as Percentage of GDP
2.49%
1.84%
1.90%
1.19%
3.20%
 
Debt Held by the Public as Percentage of GDP
36.50%
36.90%
36.96%
36.83%
40.80%
 
Total Debt as Percentage of GDP
63.81%
64.46%
64.69%
65.48%
70.21%
           

1Social Insurance Taxes consist mainly of payroll taxes, which are primarily taxes for Social Security (called Old-Age, Survivors, and Disability Insurance, or OASDI) and Medicare's Hospital Insurance (HI). A small share of social insurance tax revenues comes from unemployment insurance taxes and contributions to other federal retirement programs.

2Nearly all excise taxes fall into 5 major categories:highway, airport, telephone, alcohol, and tobacco taxes.Almost half of all excise receipts are earmarked by law to The Highway Trust Fund and they come primarily from taxes on gasoline and diesel fuel.

3Through FFY 2005 this line was called "International" by the CBO. In FFY 2006, they changed the title of the line to "Nondefense" and "Domestic" was removed.

4Income support includes unemployment compensation, supplemental security income, earned income and child tax credits, food stamps, family support, child nutrition, and foster care.

5Net interest includes interest paid on Treasury securities and other interest that the government pays (for example, on late refunds issued by the Internal Revenue Service) minus interest that the government collects from various sources (such as commercial banks, where Treasury tax and loan accounts are maintained.) Net interest is determined by the size and composition of the government's debt, annual budget deficits or surpluses, and market interest rates.

6Offsetting receipts include Medicare premiums and employers' share of employee retirement, as well as federal pension programs, receipts from auctions and leasing, usert fees, etc. However, the largest amounts are from Medicare premiums and employers' share of employee retirement.

7The standardized budget excludes deposit insurance, receipts from auctions of licenses to use the electromagnetic spectrum and timing adjustments. This adjustment was eliminated in FFY 2006.

8These numbers do not agree with those published by the U.S. Bureau of Public Debt.This is because the Bureau of Public Debt reports the face value of all debt outstanding.However, some of the bonds sold have interest rates that are indexed to inflation.Therefore, the CBO adjusts the public debt annually to reflect the current market value.

9Through FFY 2005 these numbers only are from the U.S. Bureau of Public Debt as they were not published by the Congressional Budget Office. In FFY 2006 the CBO began reporting Intergovernmental Debt.

10These numbers do not agree with those published by the U.S. Bureau of Economic Analysis.According to The Congressional Budget Office, its number is calculated from seasonally adjusted quarterly national income and product account data from the Bureau of Economic Analysis.This may or may not explain the difference.

Source: Congressional Budget Office

© The Issue Wonk 2006-09

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