$2.9 trillion U.S. Budget Proposed for Next Year

President Bush sent his proposed $2.9 trillion budget, for the 2008 fiscal year that begins on Oct. 1, to Capitol Hill today. For the 2008 fiscal year, the deficit is seen at $239 billion, about $5 billion less than that projected for the current fiscal year. The total spend for the current year is seen at roughly $2.78 trillion.

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. 

Other Highlights:

  • 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

Related discussion:

Bush sends Congress $2.90T spending plan - AP

Bush unveils $2.9 trillion budget - CNNMoney.com

Bush Boosts Defense, Trims Medicare in Record Budget - Bloomberg 

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