How much did the US spend in 2009?
2009 United States federal budget
| Submitted | February 4, 2008 |
|---|---|
| Submitted by | George W. Bush |
| Submitted to | 110th United States Congress |
| Total revenue | $2.7 trillion (estimated) $2.105 trillion (actual) 14.6% of GDP (actual) |
| Total expenditures | $3.107 trillion (estimated) $3.518 trillion (actual) 24.4% of GDP (actual) |
What happened to government expenditure levels in 2009?
The increase in the deficit of almost 7 percentage points of GDP from 2008 reflected a sharp drop in revenues and a substantial increase in spending. Receipts in 2009 tumbled to $2,105 billion, a decrease of $419 billion, or 17 percent, from 2008.
What are 4 examples of discretionary spending?
Non-defense discretionary spending includes a wide array of programs such as education, training, science, technology, housing, transportation, and foreign aid.
How much does the US spend on discretionary spending?
Discretionary spending by the federal government totaled $1.3 trillion in 2019—about half for national defense and half for nondefense activities.
How much did the US government spend in 2008?
2008 United States federal budget
| Submitted | February 5, 2007 |
|---|---|
| Submitted by | George W. Bush |
| Submitted to | 110th Congress |
| Total revenue | $2.662 trillion (requested) $2.524 trillion (actual) 17.1% of GDP (actual) |
| Total expenditures | $2.902 trillion (requested) $2.983 trillion (actual) 20.2% of GDP (actual) |
What percent of the budget is mandatory spending?
Mandatory spending makes up nearly two-thirds of the total federal budget. Social Security alone comprises more than a third of mandatory spending and around 23 percent of the total federal budget. Medicare makes up an additional 23 percent of mandatory spending and 15 percent of the total federal budget.
How many quarters did it take for personal consumption to recover from the Great Recession?
The Great Recession of 2008/2009 was characterized by the most severe year over year decline in consumption since 1945. The consumption slump was both deep and long lived. It took almost 12 quarters for total real Personal Consumption Expenditures (PCE) to go back to its level at the previous peak (2007:Q4).
Are groceries considered discretionary spending?
While non-discretionary expenses are considered mandatory—housing, taxes, debt, and groceries—discretionary expenses are any costs incurred above and beyond what is deemed necessary. These are generally considered wants, while non-discretionary expenses are usually referred to as needs.
Who determines discretionary spending?
Discretionary spending is determined on an annual basis by Congress and the president through enactment of appropriations.
What does the U.S. spend the most money on?
As Figure A suggests, Social Security is the single largest mandatory spending item, taking up 38% or nearly $1,050 billion of the $2,736 billion total. The next largest expenditures are Medicare and Income Security, with the remaining amount going to Medicaid, Veterans Benefits, and other programs.
What was the budget for the military in 2009?
Military spending for FY 2009 was $822.5 billion. This includes: The Department of Defense base budget – $513.6 billion, a new record. Supplemental Funding for the War on Terror – $153.1 billion. This originally only included $70 billion for the Wars in Iraq and Afghanistan — just enough to fund until January 20th,…
How much money does the US spend on discretionary spending?
Discretionary spending is the part of the U.S. federal budget that Congress appropriates each year. For Fiscal Year 2019, President Trump requested $1.305 trillion. The Constitution gave Congress the authority to raise and spend money for the federal government.
What was the budget deficit in FY 2009?
The FY 2009 budget deficit was $1.413 trillion, the largest in history. The deficit came in $1.006 greater than Bush’s proposed budget deficit of $407 billion.
What was the budget for Social Security in 2009?
It included Social Security ($678 billion), Medicare ($425 billion), and Medicaid ($251 billion). It also included $151 billion for TARP, which was moved to the mandatory budget in subsequent budgets, since an Act of Congress approved it. Discretionary spending was $1.219 trillion, or 35% of total spending.