Federal Budget Project

Please, see attached file. How do I balance the federal budget (pick a source). My opinion is: I will pick Income Security & Welfare.(or accepted to you.)
federalbudgetessay.doc

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One of the most important activities engaged in by the president and Congress every year
is the creation of a federal budget, establishing how the government will raise revenues
and how those revenues will be spent. In terms of federal revenues, the vast majority of
total revenues comes from an individual’s paycheck (federal income taxes and social
insurance taxes like Social Security and Medicare). In terms of federal spending/outlays,
almost three-quarters of the budget is devoted to three major expenditure areas: health
care costs (Medicare, Medicaid, etc.), Social Security and national defense. Since the
early 2000s, the federal government has been spending far more money than it has raised
through revenues, creating huge annual deficits and adding to an already large national
debt.
How would you try to balance the federal budget (expenditures/outlays not exceeding
revenues)? What areas of federal spending would you cut and why? In what areas would
you try to increase federal revenues? Why would you choose those additional revenue
sources?
Remember that the essay must be at least one full paragraph in length. Also remember to
add citations or a sources page if you are utilizing quotations or information that is not
common-knowledge.
2017 FEDERAL BUDGET (October 1, 2016 – September 30, 2017)
Actual Revenues
________
$ 3.3149 Trillion
Individual Income Taxes
Payroll Taxes (Social Security/Medicare)
Corporate Income Taxes
Excise Taxes (Alcohol, Tobacco, etc.),
Customs Duties & Fees, Estate/Gift Taxes,
Other
$1.5871 Trillion
$1.1616 Trillion
$ 297.0 Billion
48%
35%
9%
$ 199.1 Billion
$ 70.5 Billion
6%
2%
Actual Expenditures_______
$ 3.9806 Trillion
Health Care (includes $594.8 billion for
Medicare & $475 billion for
Medicaid)
$1.1304 Trillion
Social Security (old age, disability, etc.) $1.0061 Trillion
Defense (includes $176.5 billion for veteran
programs, $10.9 billion in foreign
military aid & $43.1 billion in
foreign economic aid)
$ 815.1 Billion
Income Security & Welfare (includes
$174.7 billion for income security
programs like SSI & EITC, $100.8
28%
25%
20%
billion for Food Stamps/
WIC/nutrition programs & $32.5 billion
for unemployment compensation) $ 358.7 Billion
Interest on the Debt
$ 262.8 Billion
Education
$ 154.5 Billion
Transportation
$ 93.9 Billion
General Government
$ 44.5 Billion
Protection (police, fire, prisons, etc.)
$ 35.6 Billion
Other (includes $18.2 billion for NASA,
$20.7 billion for agricultural subsidies
& services, $18.4 billion for environmental
protection & pollution clean-up &
$13.5 billion for disaster relief)
$ 71.1 Billion
Actual Deficit____
Public Debt (National Debt)
$ 665.7 Billion
$20.2449 Trillion
9%
7%
4%
2%
1%
1%
2%

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