Submitted February 4, 2008 | Submitted by George W. Bush | |
 | ||
Submitted to 110th United States Congress Total revenue $2.7 trillion (estimated)
$2.105 trillion (actual)
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) | ||
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. The final spending bills for the budget were not signed into law until March 11, 2009 by President Barack Obama, nearly five and a half months after the fiscal year began.
Contents
Total receipts
(in billions of dollars)
Total 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.
Deficit
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. 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.