2013 United States federal budget
| Submitted | February 13, 2012 |
|---|---|
| Submitted by | Barack Obama |
| Submitted to | 112th Congress |
| Passed |
September 28, 2012 (Pub.L. 112-175) |
| Total revenue | $2.902 trillion (requested) $2.77 trillion (actual) 16.7% of GDP (actual) |
| Total expenditures | $3.803 trillion (requested) $3.45 trillion (actual) 20.8% of GDP (actual) |
| Deficit | $901 billion (requested) 5.5% of GDP $680 billion (actual) 4.1% of GDP (actual) |
| Debt | $16.72 trillion (at fiscal end) 100.8% of GDP |
| GDP | $16.582 trillion |
| Website | Office of Management and Budget |
|
‹ 2012
2014 ›
|
|
September 28, 2012 (Pub.L. 112-175)
The 2013 United States federal budget is the budget to fund government operations for the fiscal year 2013, which is October 2012–September 2013. The original spending request was issued by President Barack Obama in February 2012. The actual appropriations for fiscal year 2013 was enacted in two appropriations bills in September 2012 and March 2013 by the full Congress, in accordance with the United States budget process.
The Budget Control Act of 2011 mandates caps on discretionary spending, which under current law will be lowered beginning in January 2013 to remove $1.2 trillion of spending over the following ten years. In addition, several temporary tax cuts were scheduled to expire at the beginning of the 2013 calendar year, including the 2001 and 2003 Bush tax cuts on income, capital gains, and estate tax, which had been extended in a 2010 tax deal, as well as a payroll tax cut that began as a result of the 2010 deal and had been most recently extended in an early 2012 tax deal. The combination of sudden spending cuts and tax increases has led to concerns about significant negative effects on the economy in the wake of the weak recovery from the recession that began in 2007.
...
Wikipedia