Submitted February 5, 2007 Submitted to 110th Congress | Submitted by George W. Bush | |
Total revenue $2.662 trillion (requested)
$2.524 trillion (actual)
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) | ||
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.
Contents
Total receipts
Receipts by source: (in billions of dollars)
Total spending
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.
Deficit
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.