Submitted February 5, 1996 Submitted to 104th Congress | Submitted by Bill Clinton | |
Total revenue $1.5 trillion (requested)
$1.58 trillion (actual)
18.6% of GDP (actual) Total expenditures $1.64 trillion (requested)
$1.60 trillion (actual)
18.9% of GDP (actual) Deficit $21.9 billion (actual)
0.3% of GDP (actual) | ||
The United States Federal Budget for Fiscal Year 1997, was a spending request by President Bill Clinton to fund government operations for October 1996-September 1997. Figures shown in the spending request do not reflect the actual appropriations for Fiscal Year 1997, which must be authorized by Congress. The requested budget was submitted to Congress on February 5, 1996.
Contents
Overview
The stated objectives for President Clinton's FY1997 budget are to: (1) Balance the federal budget within seven years by making cuts in entitlements and discretionary spending while enacting modest tax cuts and (2) Maintaining growth while protecting senior citizens, middle-class families and children. The Clinton Administration projected a US$40 billion surplus by 2002.
A key aspect of the FY1997 budget is what was known as the "trigger". The trigger program essentially ensured that tax cuts after 2000 would end if the deficit was not at least US$20 billion below the Congressional Budget Office's estimate. Conversely, if the deficit was at least US$20 billion below CBO estimates then the tax cuts would continue and the money exceeding the US$20 estimate is used to reduce discretionary spending.
Total Receipts
(in billions of dollars)
Total spending
The President's budget for FY1997 totals $1.635 trillion. Percentages in parentheses indicate estimated percentage change compared to 1996. This budget request is broken down by the following expenditures: