Budget Revenues 2016
To give you some perspective, since 1966 the U.S. has maintained an annual deficit, where federal spending surpassed federal income, in all but 5 years (1969, 1998-2001). Over this 50-year period the U.S. deficit has averaged 2.8 percent of U.S Gross Domestic Product (GDP). According to the World Bank estimated 2014 GDP for the U.S. was $17. 4 trillion, #1 in world followed by China with a GDP of $10.4 trillion.…
President Obama announces his FY 2017 budget
As in each year preceding, on February 9, President Obama released his annual budget for the U.S. that tops $4 trillion. The budget outlines the current Administration’s policy proposals, budgetary projections, and economic forecasts for the next decade. This will be the last annual budget report for his administration.
The Obama Administration can be commended for controlling the federal budget deficit as the deficit has improved over the last 6 years. But, prior to the budget announcement, the non-partisan Congressional Budget Office (CBO) released their annual Budget and Economic Outlook report saying the U.S. will be unable to sustain improving deficits in the next decade (2016-2026). CBO’s analysis is conducted assuming current federal policies remain in place. Congressional leaders and others use the data to assess recent policy decisions and to guide future policy decisions for federal programs.…
