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Federal Spending – Fast Facts

All fast facts for Federal Spending are from the non-partisan Congressional Budget Office (CBO), the National Commission on Fiscal Responsibility and Reform (NCFRR), and the Office of Management and Budget (OMB), and the U.S. Government Accountability Office (GAO). They do not represent all of their reports on this subject. Some simply provide historical context. Occasionally minor word adjustments may have been made for clarity or to reflect the updated nature of the statement. As always, verify and view statements in their full context as often as possible.

CBO projects that, if current laws remain in place, accumulating deficits will boost federal debt held by the public from 68 percent of GDP at the end of 2011 to 75 percent of GDP by the end of 2013; that will be the highest level since 1950. Debt held by the public is projected to then fall as a percentage of GDP over the remainder of the 10 -year period, reaching a low of 62 percent in 2022, although that amount is still higher than in any year between 1952 and 2009.   Click here to verify at Page 2
In initial analyses covering the period from 2009 through 2019, CBO and JCT projected that the 2009 stimulus (American Recovery and Reinvestment Act – ARRA) would increase deficits by $787 billion.  Since that time, economic developments and other factors have different in various ways from what CBO anticipated.  CBO now estimates that ARRA’s cumulative impact on deficits over the 2009-2019 period will be $831 billion.   Click here to verify at Page 8
Corporate income taxes fell from over 30 percent of total Federal receipts in the early 1950s to 20 percent in 1969. During that same period, pretax corporate profits fell from about 12 percent of GDP in the early 1950s to 10 percent in 1968 The recession in 2008 had a significant impact on corporation income taxes, bringing its share of total receipts down to just 12.1 percent.   Click here to verify at Page 7 - – – Or use URL; www.whitehouse.gov/sites/default/files/omb/budget/fy2012/assets/hist.pdf
Constraining factors that reduce discretionary spending to 5.6 percent of GDP in 2022 – the lowest levels in the past 50 years will be partially offset by increases in spending for mandatory programs, particularly Social Security, Medicare, Medicaid, and other federal health programs: Mandatory spending is projected to climb from 13.3 percent of GDP in 2013 to 14.3 percent in 2022.   Click here to verify at Summary Pages
Discretionary outlays are expected to total $1.2 trillion in 2013 – about 7 percent less than the amount anticipated for 2012. They are projected to continue decreasing through 2014 and then to slowly increase, reaching $1.4 trillion by 2022. As a share of GDP, they are projected to fall markedly, from 9.0 percent in 2011 to 5.6 percent in 2022. The projected decline in discretionary spending relative to GDP stems from provisions of the Budget Control Act of 2011.   Click here to verify at Page 69
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Voting Key


Fact = 100% - 92% True
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Split = 59% - 50% True
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