See main article: United States federal budget.
| Budget of the United States federal government | |
| Year: | 2009 |
| Country: | United States |
| Previous Budget: | 2008 United States federal budget |
| Previous Year: | 2008 |
| Next Budget: | 2010 United States federal budget |
| Next Year: | 2010 |
| Date Submitted: | February 4, 2008[1] |
| Submitter: | George W. Bush |
| Signer: | Barack Obama |
| Submitted To: | 110th United States Congress |
| Total Revenue: | $2.7 trillion (estimated) $2.105 trillion (actual)[2] 14.6% of GDP (actual) |
| Total Expenditures: | $3.107 trillion (estimated) $3.518 trillion (actual) 24.4% of GDP (actual) |
| Deficit: | $407 billion (requested) $1.413 trillion (actual) 9.8% of GDP (actual) |
| Debt: | $11.876 trillion (at fiscal end) 82.4% of GDP[3] |
| Gdp: | $14.415 trillion[4] |
| Url: | Office of Management and Budget |
The United States federal budget for fiscal year 2009 began as a spending request submitted by President George W. Bush to the 110th Congress. The final resolution written and submitted by the 110th Congress to be forwarded to the President was approved by the House on June 5, 2008.[5]
The government was initially funded through three temporary continuing resolutions. Final funding for the Department of Defense, Department of Homeland Security, and Department of Veterans Affairs was enacted on September 30, 2008 as part of the Consolidated Security, Disaster Assistance, and Continuing Appropriations Act, 2009, while the remaining departments and agencies were funded as part of an omnibus spending bill, the Omnibus Appropriations Act, 2009, on March 10, 2009.[6]
(in billions of dollars)
| Source | Requested[7] | Enacted[8] | Actual[9] | |
|---|---|---|---|---|
| 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 |
See also: Government spending. The 110th Congress' budget for 2009 totaled $3.1 trillion. Percentages in parentheses indicate percentage change compared to 2008. This budget request is broken down by the following expenditures:
The financial cost of the Iraq War and the War in Afghanistan are not part of the defense budget; they were appropriations.
Decreased tax revenue and high spending resulted in an unusually large budget deficit of about $1.4 trillion, well above the $407 billion projected in the FY 2009 budget.[10] A 2009 CBO report indicated that $245 billion, about half of the excess spending, was a result of the 2008 TARP bailouts. Spending increases and tax credits resulting from the American Recovery and Reinvestment Act of 2009 accounted for another $200 billion of the budget deficit.