I was somewhat successful at creating the federal budget. I cut the deficit by 142.22 billion dollars. But in all of reality, that is a very small amount compared to what the total deficit is. In order to cut the deficit, I had to make some budget cuts that I had a hard making. For example, I had to cut some money from medicaid grants. I think that sometimes people have to just cut certain things and deal with the consequences in order to make an attempt at lowering the deficit.
Balancing this budget was extremely hard. There are so many different things that the government has to pay for. I think that maybe a solution could be handing over some of the other things to private businesses or organizations to deal with financially. For example, maybe the government could make cuts or even eliminate the postal service and let other businesses take that over for profit. Having the government regulate the postal service used to be way more important than it actually is now.
I think that congress has their work cut out for them when it comes to the federal budget. I think that it would be extremely hard to get the right amount of people to agree on certain cuts. Everybody has different priorities and things that they value. And I think that those opinions could clash heavily when it comes to the federal budget.
Spending$424.27 billion: Military Spending
$111.17 billion: Iraq and Afghanistan Operations
$118.92 billion: Military Retirement
$29.69 billion: International affairs
$18.93 billion: Science, Space and Technology
$30.65 billion: Natural Resources and Environment
$25.59 billion: Agriculture
$68.74 billion: Transportation
$20.48 billion: Community & regional development
$71.79 billion: Education
$47.81 billion: Training, labor and unemployment
$209.71 billion: Non-Medicare Health
$345.76 billion: Medicare
$65.31 billion: Civilian Retirement (Social Security excluded)
$216.38 billion: Aid to Low-Income Families
$25.91 billion: General Family Support
$490.34 billion: Social security
$43.1 billion: Administration of justice
$16.96 billion: General government administration
$211.08 billion: Net interest
Tax Expenditures and Tax Cuts$269.76 billion: 2001 and 2003 Tax Cuts
$60.36 billion: Corporate Tax Breaks
$86.71 billion: Personal Business & Investment Benefits
$168.47 billion: Pension & Retirement Deductions
$140.99 billion: Health Insurance Tax Benefits
$163.71 billion: Housing tax benefits
$159.99 billion: Other individual deductions and exemptions
Spending ($2555.92 billion: cut $117.07 billion)
Military Spending ($424.27 billion: cut $21.83 billion)$106.57 billion .... Military personnel (No Change)$138.26 billion .... Operation and maintenanceCut $15.35 bil. from base of $153.619 bil.(-10%)$72.75 billion ..... ProcurementCut $8.08 bil. from base of $80.836 bil.(-10%)$68.13 billion ..... Research, development, test and evaluation (No Change)$17.76 billion ..... Military Construction, Family Housing and OtherIncreased $1.62 bil. from base of $16.145 bil.( 10%)$17.99 billion ..... Atomic Energy Defense Activities (No Change)$2.81 billion ...... Defense Related activities (No Change)
Iraq and Afghanistan Operations ($111.17 billion)$105 billion ....... Military Operations (No Change)$6.17 billion ...... Reconstruction aidCut $0.67 bil. from base of $6.851 bil.(-10%)
Military Retirement ($118.92 billion: increased $3.44 billion)$40.83 billion ..... Military retirement (No Change)$36.34 billion ..... Income security for veterans (No Change)$3.24 billion ...... Veterans education, training, and rehabilitation (No Change)$37.79 billion ..... Hospital and medical care for veterans and retired militaryIncreased $3.44 bil. from base of $34.353 bil.( 10%)$0.72 billion ...... Housing and other veterans benefits and services (No Change)
International affairs ($29.69 billion: cut $1.89 billion)$13 billion ........ International development and humanitarian assistance (No Change)$7.57 billion ...... International military aidCut $1.89 bil. from base of $9.466 bil.(-20%)$7.97 billion ...... Conduct of foreign affairs (No Change)$1.15 billion ...... Foreign information and exchange activities (No Change)
General science, space, and technology ($18.93 billion: cut $5.03 billion)$5.06 billion ...... National Science Foundation programsCut $0.55 bil. from base of $5.618 bil.(-10%)$3.44 billion ...... Department of Energy general science programs (No Change)$10.43 billion ..... Space flight, research, and supporting activitiesCut $4.46 bil. from base of $14.905 bil.(-30%)
Non-Defense Energy Spending ($2.23 billion)$0.73 billion ...... Energy supply (No Change)$1.14 billion ...... Energy conservation and preparednessIncreased $0.11 bil. from base of $1.034 bil.( 10%)$0.36 billion ...... Energy information, preparedness, & regulation (No Change)
Natural resources and environment ($30.65 billion)$5.45 billion ...... Water resources (No Change)$9.07 billion ...... Conservation and land management (No Change)$3.12 billion ...... Recreational & Park resources (No Change)$8.42 billion ...... Pollution control and abatement (No Change)$4.59 billion ...... Other natural resourcesCut $0.5 bil. from base of $5.101 bil.(-10%)
Agriculture ($25.59 billion)$21.73 billion ..... Farm income stabilization & crop insurance (No Change)$3.86 billion ...... Agricultural research and servicesCut $0.42 bil. from base of $4.288 bil.(-10%)
Commerce and Housing Loan Programs ($5.09 billion: cut $1.72 billion)$-4.28 billion ..... Federal Housing Loan Programs (No Change)$1.52 billion ...... Postal serviceCut $0.64 bil. from base of $2.174 bil.(-30%)$-0.86 billion ..... Deposit insuranceIncreased $0.11 bil. from base of $-.966 bil.(-10%)$7.17 billion ...... Universal service fundCut $0.78 bil. from base of $7.963 bil.(-10%)$1.54 billion ...... Other advancement of commerceCut $0.38 bil. from base of $1.931 bil.(-20%)
Transportation ($68.74 billion: cut $1.92 billion)$32.86 billion ..... Highways and highway safetyCut $3.64 bil. from base of $36.512 bil.(-10%)$11.06 billion ..... Mass transitIncreased $2.55 bil. from base of $8.506 bil.( 30%)$0.55 billion ...... RailroadsCut $0.05 bil. from base of $.607 bil.(-10%)$17.26 billion ..... Air Transportion (No Change)$6.63 billion ...... Water transportationCut $0.73 bil. from base of $7.368 bil.(-10%)$0.38 billion ...... Other transportationCut $0.03 bil. from base of $.422 bil.(-10%)
Community and regional development ($20.48 billion: increased $1.38 billion)$5.63 billion ...... Community developmentCut $0.61 bil. from base of $6.252 bil.(-10%)$2.86 billion ...... Area and regional development (No Change)$11.99 billion ..... Disaster relief and insuranceIncreased $2 bil. from base of $9.990 bil.( 20%)
Education ($71.79 billion: increased $7.72 billion)$46.29 billion ..... Elementary, Secondary & Vocational educationIncreased $7.72 bil. from base of $38.572 bil.( 20%)$22.27 billion ..... Higher education (No Change)$3.23 billion ...... Research and general education (No Change)
Training, labor and unemployment ($47.81 billion)$6.88 billion ...... Training and employment (No Change)$1.6 billion ....... Labor law, statistics, and other administration (No Change)$39.33 billion ..... Unemployment compensation (No Change)
Non-Medicare Health Spending ($209.71 billion: cut $43.6 billion)$154.17 billion .... Medicaid grantsCut $38.54 bil. from base of $192.718 bil.(-20%)$6.23 billion ...... State Children's Health Insurance (No Change)$3.17 billion ...... Indian health (No Change)$3.89 billion ...... Substance abuse and mental health servicesIncreased $0.65 bil. from base of $3.239 bil.( 20%)$4.7 billion ....... Disease control, public health and bioterrorism (No Change)$26.43 billion ..... Health research and trainingCut $2.92 bil. from base of $29.362 bil.(-10%)$2.41 billion ...... Food safety and occupational health and safetyCut $0.59 bil. from base of $3.007 bil.(-20%)$8.71 billion ...... Other health care servicesCut $2.17 bil. from base of $10.886 bil.(-20%)
Medicare ($345.76 billion)$182.76 billion .... Hospital insurance (HI) (No Change)$115.14 billion .... Supplementary medical insurance (SMI) (No Change)$46.7 billion ...... Prescription drug benefit (No Change)$1.16 billion ...... Health care fraud (No Change)
Civilian Retirement (Social Security excluded) ($65.31 billion: cut $6.71 billion)$4.89 billion ...... Civilian retirement and disability insurance (No Change)$52.4 billion ...... Federal employee retirement and disabilityCut $5.81 bil. from base of $58.223 bil.(-10%)$8.02 billion ...... Federal employees' and retired employees' health benefitsCut $0.88 bil. from base of $8.912 bil.(-10%)
Aid to Low-Income Families ($216.38 billion: increased $9.61 billion)$38.45 billion ..... Housing assistance (No Change)$45.1 billion ...... Food stampsIncreased $7.52 bil. from base of $37.581 bil.( 20%)$19.3 billion ...... Other nutrition programs (WIC, school lunches) (No Change)$38.66 billion ..... Supplemental security income (SSI) (No Change)$20.03 billion ..... Family support payments (TANF)Increased $1.82 bil. from base of $18.209 bil.( 10%)$34.05 billion ..... Earned Income Tax Credit (EITC) (No Change)$13.15 billion ..... Child tax credit (No Change)$4.8 billion ....... Child care funds (No Change)$2.84 billion ...... Other aid to low-income familiesIncreased $0.26 bil. from base of $2.581 bil.( 10%)
General Family Support ($25.91 billion)$6.56 billion ...... Foster care and adoption assistance (No Change)$3.21 billion ...... Child support and family support programsIncreased $0.29 bil. from base of $2.921 bil.( 10%)$16.14 billion ..... Social and family services (No Change)
Social security ($490.34 billion: cut $54.47 billion)$408.96 billion .... Old-age and survivors insurance(OASI)Cut $45.43 bil. from base of $454.400 bil.(-10%)$81.38 billion ..... Disability insurance (DI)Cut $9.03 bil. from base of $90.421 bil.(-10%)
Administration of justice ($43.1 billion)$11.35 billion ..... Federal law enforcement (No Change)$10.46 billion ..... Border security and immigration (No Change)$10.91 billion ..... Federal litigation and judicial activities (No Change)$6.16 billion ...... Federal prison system (No Change)$4.22 billion ...... Criminal justice assistance (No Change)
General government administration ($16.96 billion)$3.3 billion ....... Legislative functionsCut $0.36 bil. from base of $3.671 bil.(-10%)$1.03 billion ...... Executive office programsCut $0.1 bil. from base of $1.140 bil.(-10%)$9.8 billion ....... IRS & other fiscal opertations (No Change)$2.83 billion ...... Other general governmentCut $0.3 bil. from base of $3.145 bil.(-10%)
Net_interest_long ($211.08 billion)$211.08 billion .... Net Interest (No Change)
Undistributed offsetting receipts and allowance ($-43.99 billion)$-43.99 billion .... Undistributed offsetting receipts and allowance (No Change)
Tax Expenditures and Tax Cuts ($1049.99 billion: cut $25.13 billion)
2001 and 2003 Tax Cuts ($269.76 billion: cut $25.12 billion)$105.26 billion .... Benefits for Richest 1% of TaxpayersCut $11.69 bil. from base of $116.9562 bil.(-10%)$25.98 billion ..... Benefits for Next Richest 4%Cut $2.88 bil. from base of $28.8708 bil.(-10%)$53.03 billion ..... Benefits for Next Richest 15%Cut $5.88 bil. from base of $58.92 bil.(-10%)$43.6 billion ...... Benefits for Next 20% of Taxpayers (No Change)$41.89 billion ..... Benefits for Bottom 60% of TaxpayersCut $4.65 bil. from base of $46.546 bil.(-10%)
Corporate Tax Breaks ($60.36 billion)$15.74 billion ..... Untaxed Foreign Profits (No Change)$9.87 billion ...... R&D Tax Breaks (No Change)$4.05 billion ...... Energy, Mining and Timber Tax Breaks (No Change)$9.93 billion ...... Tax Free Bonds (No Change)$20.77 billion ..... Other Corporate Tax Breaks (No Change)
Personal Business & Investment Benefits ($86.71 billion)$30.38 billion ..... Lower tax rates on capital gains (excluding housing) (No Change)$28.76 billion ..... Step-up basis of capital gains at death (No Change)$23.01 billion ..... Tax-Free Bonds (No Change)$1.36 billion ...... Enterprise & Empowerment Zones and New Markets credit (No Change)$3.2 billion ....... Other personal investment tax breaks (No Change)
Pension & Retirement Deductions ($168.47 billion)$51.05 billion ..... Employer-paid Pensions (No Change)$58.12 billion ..... 401Ks & Keogh plans (No Change)$7.31 billion ...... IRAs (No Change)$29.48 billion ..... Group and personal life insurance benefits (No Change)$19.77 billion ..... Untaxed Social Security benefits (No Change)$2.74 billion ...... Other retirement benefits (No Change)
Health Insurance Tax Benefits ($140.99 billion)$125.69 billion .... Employer-paid Health Insurance (No Change)$4.33 billion ...... Self-employed medical insurance premiums (No Change)$1.83 billion ...... Medical Savings/Health Savings Accounts (No Change)$9.14 billion ...... Deductibility of medical expenses (No Change)
Housing tax benefits ($163.71 billion)$76.03 billion ..... Mortgage Interest (No Change)$14.83 billion ..... Deductibility of property taxes on homes (No Change)$36.27 billion ..... Capital gains exclusion on home sales (No Change)$29.72 billion ..... Exclusion of net imputed rental income on owner-occupied homes (No Change)$2.11 billion ...... Housing bonds & low-income housing investments (No Change)$4.75 billion ...... Exception from passive loss rules for $25,000 of rental loss (No Change)
Other individual deductions and exemptions ($159.99 billion)$37.89 billion ..... Charitable contributions (No Change)$34.62 billion ..... State and local taxes (w/o home property) (No Change)$6.55 billion ...... Soldiers and veterans tax benefits (No Change)$5.94 billion ...... Workmen's compensation (No Change)$14.01 billion ..... Education deductions and credits (No Change)$32.81 billion ..... Child credit (No Change)$2.81 billion ...... Child care credits and deductions (No Change)$2 billion ......... Deduction for the blind and elderly (No Change)$7.86 billion ...... Social Security benefits for disabled and survivors (No Change)$3.76 billion ...... Untaxed foreign personal income (No Change)
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