2017 United States federal budget
| Submitted | February 9, 2016 |
|---|---|
| Submitted by | Barack Obama |
| Submitted to | 114th Congress |
| Total expenditures | $4.147 trillion (requested) 21.5% of GDP |
| Deficit | $503 billion (requested) 2.6% of GDP |
| Debt | $19.95 trillion (requested) |
| GDP | $19.3 trillion (preliminary actual) |
| Website | Office of Management and Budget |
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The 2017 United States federal budget is the United States federal budget for fiscal year 2017, which lasts from October 1, 2016 to September 30, 2017. President Barack Obama's budget proposal was submitted to the 114th Congress on February 9, 2016. The 2017 fiscal year overlaps the end of the Obama administration and the beginning of the Trump administration, with final appropriations legislation expected to pass during the beginning of the latter.
The federal budget outlines the government’s plans for spending and revenue. In the United States, the federal budget request is first introduced by the president. The federal budget and all appropriations must then be written and approved by the United States Congress. In Congress the process begins with the House Budget Committee and the Senate Budget Committee creating their own budget. After both houses pass a budget resolution, representatives and senators come up with a conference report negotiating between both the House and Senate versions. Budget resolutions do not go to the president for a signature or veto. This budget does not directly enact the actual spending of the federal government, but it sets the amounts that each congressional committee is allowed to spend on the programs, agencies and departments for which it is responsible. Actual spending is driven by the final appropriations bills.
The Budget Control Act of 2011 (BCA) had established spending caps on defense and non-defense spending, which were first applied in FY2013. Just before midnight on October 26, 2015, Republican and Democratic leaders reached an agreement, the Bipartisan Budget Act of 2015, to increase the budget caps imposed by the BCA for fiscal years by $50 billion in FY2016 and $30 billion in FY2017, and temporarily suspend the debt limit until March 15, 2017. The increased spending was to be offset by changes in Medicare, Social Security disability insurance, selling off oil from the strategic petroleum reserves, and other changes.
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