See main article: United States federal budget.
| Budget of the United States federal government | |
| Year: | 2008 |
| Country: | United States |
| Previous Budget: | 2007 United States federal budget |
| Previous Year: | 2007 |
| Next Budget: | 2009 United States federal budget |
| Next Year: | 2009 |
| Date Submitted: | February 5, 2007[1] |
| Submitter: | George W. Bush |
| Submitted To: | 110th Congress |
| Total Revenue: | $2.662 trillion (requested)[2] $2.524 trillion (actual)[3] 17.1% of GDP (actual) |
| Total Expenditures: | $2.902 trillion (requested) $2.983 trillion (actual) 20.2% of GDP (actual) |
| Deficit: | $239 billion (requested) $458.6 billion (actual) 3.1% of GDP (actual) |
| Debt: | $9.986 trillion (at fiscal end) 67.7% of GDP (actual)[4] |
| Gdp: | $14.752 trillion[5] |
| Url: | Office of Management and Budget |
The 2008 United States Federal Budget began as a proposal by President George W. Bush to fund government operations for October 1, 2007 – September 30, 2008.The requested budget was submitted to the 110th Congress on February 5, 2007.[1]
The government was initially funded through a series of four temporary continuing resolutions. Final funding for the Department of Defense was enacted on November 13, 2007 as part of the Department of Defense Appropriations Act, 2008, while the remaining departments and agencies were funded as part of an omnibus spending bill, the Consolidated Appropriations Act, 2008, on December 26, 2007.[6]
Receipts by source: (in billions of dollars)
| Source | Requested[7] | Actual[8] | |
|---|---|---|---|
| Individual income tax | |||
| Corporate income tax | |||
| Social Security and other payroll tax | |||
| Excise tax | |||
| Estate and gift taxes | |||
| Customs duties | |||
| Deposits of earnings and Federal Reserve System | - | ||
| Other miscellaneous receipts | |||
| Total |
The President's budget for 2008 totals $2.9 trillion. Percentages in parentheses indicate percentage change compared to 2007. This budget request is broken down by the following expenditures:
The Iraq War and the War in Afghanistan are not included in the regular budget. Instead they are funded through special appropriations.[9]
With projected receipts significantly less than projected outlays, the budget proposed by President Bush predicts a net deficit of approximately 240 billion dollars. The actual deficit was 454.8 billion.