2016 United States federal budget
| Submitted | February 2, 2015 |
|---|---|
| Submitted by | Barack Obama |
| Submitted to | 114th Congress |
| Total revenue | $3.525 trillion (requested) $3.267 trillion (estimate) |
| Total expenditures | $3.999 trillion (requested) $3.854 trillion (estimate) |
| Deficit | $474 billion (requested) $587 billion (estimate) |
| GDP | $18.819 trillion (projected) |
| Website | Office of Management and Budget |
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The United States Federal Budget for Fiscal Year 2016 began as a budget proposed by President Barack Obama to fund government operations for October 1, 2015 – September 30, 2016. The requested budget was submitted to the 114th Congress on February 2, 2015.
The Budget Control Act of 2011 (BCA) had established spending caps on defense and non-defense spending. These were first applied in FY2013; they resulted in across-the-board sequestration cuts because that budget was funded through a full-year continuing resolution that exceeded the budget caps. The Bipartisan Budget Act of 2013 increased the budget caps for FY2014 and FY2015 by $45 billion and $18 billion, respectively.
Concern was expressed that the BCA caps for defense were far below the Obama administration's budget request and would lead to cuts relative to these increased levels. Although the word "sequestration" was widely applied to refer to these cuts, even a continuing resolution would not cause another round of across-the-board sequestration cuts as in 2013 because the FY2016 discretionary defense cap is still slightly larger than the FY2015 cap in nominal terms.
The budget and appropriations legislation will be the first passed since Republicans gained majorities in both houses of the United States Congress in the 2014 midterm elections.
The Obama administration's budget was transmitted to Congress on February 2, 2015. The administration requested funding levels for discretionary spending that were 7% over the budget caps specified in the Budget Control Act of 2011, roughly equally split between defense and non-defense programs. It envisioned large tax increases on corporations and the wealthy, which were expected to be opposed by Congress, to fund programs in education and infrastructure.
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