$2.9 trillion U.S. Budget Proposed for Next Year
The proposal assumes the budget to record a surplus of $61 billion in 2012. The president’s spending proposal calls for big increases in military spending, and much more modest increases in most domestic spending.
- The proposed basic budget for the Defense Department is $481.1 billion, a 62% increase over 2001, and an increase of $49 billion over this fiscal year. This figure does not include about $145 billion in the next fiscal year for the Iraq and Afghanistan campaigns.
- The proposed spending for the Department of Health and Human Services is some $700 billion and $656 billion for the Social Security Administration.
- The spending plan would make Bush's first-term tax cuts permanent, at a cost of $1.6 trillion over 10 years.
- The budget proposes for cutbacks of some $70 billion in Medicare and Medicaid over the next five years
Full Budget Proposals: Budget of the United States Government - Fiscal Year 2008
Bush unveils $2.9 trillion budget - CNNMoney.com