2007 United States federal budget
| Submitted | February 6, 2006 |
|---|---|
| Submitted by | George W. Bush |
| Submitted to | 109th Congress |
| Total revenue | $2.416 trillion (requested) $2.568 trillion (actual) 17.9% of GDP (actual) |
| Total expenditures | $2.77 trillion (requested) $2.729 trillion (actual) 19.1% of GDP (actual) |
| Deficit | $354 billion (requested) $160.7 billion (actual) 1.1% of GDP (actual) |
| Debt | $8.95 trillion (at fiscal end) 62.5% of GDP (actual) |
| GDP | $14.323 trillion |
| Website | Government Publishing Office |
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The budget of the United States government for fiscal year 2007 was produced through a budget process involving both the legislative and executive branches of the federal government. While the Congress has the constitutional "power of the purse," the President and his appointees play a major role in budget deliberations. Since 1976, the federal fiscal year has started on October 1 of each year.
2007 Actual Receipts by Source
Receipts by source: (in billions of dollars)
The IRS estimated that there were about $345 billion in uncollected taxes, which is sometimes referred to as the "tax gap.".
The President's actual budget for 2007 totals $2.8 trillion. Percentages in parentheses indicate percentage change compared to 2006. This budget request is broken down by the following expenditures:
Much of the costs of the Iraq war and the Afghanistan war until FY2008 have been funded through supplemental appropriations or emergency supplemental appropriations, which are treated differently from regular appropriations bills. Senior congressional leaders have contended that those war costs, as much as possible, should go through the regular budget process, which provides for greater transparency. Determining the costs of the wars in Iraq and Afghanistan is complex. CBO has estimated that "war-related defense activities" in 2007 were "roughly $115 billion." (CBO, The Budget and Economic Outlook: An Update, August 2007, Box 1-1, available at <http://www.cbo.gov/ftpdoc.cfm?index=8565&type=0>) See Below for total defense spending.
The total requested military budget of the United States for 2007 was $699 billion.
U.S. Military Budget - DoD Base Spending: The U.S. Department of Defense (DoD) has the single largest budget of any government agency in the discretionary budget. This department is responsible for the four branches - the Army, Air Force, Navy and Marine Corps. This includes the cost of base administration, pay for military members, and the costs of repairing and procuring equipment.
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