| Submitted | February 13, 2012[1] |
|---|---|
| Submitted by | Barack Obama |
| Submitted to | 112th Congress |
| Passed | September 28, 2012 (Pub.L. 112-175) March 26, 2013 (Pub.L. 113-6) |
| Total revenue | $2.902 trillion (requested)[2] $2.77 trillion (actual)[3][4] 16.7% of GDP (actual)[5] |
| Total expenditures | $3.803 trillion (requested) $3.45 trillion (actual)[3] 20.8% of GDP (actual)[5] |
| Deficit | $901 billion (requested) 5.5% of GDP $680 billion (actual)[3] 4.1% of GDP (actual)[5] |
| Debt | $16.72 trillion (at fiscal end) 100.8% of GDP[6] |
| GDP | $16.582 trillion[5] |
| Website | Office of Management and Budget |
|
‹ 2012 2014› | |
The 2013 United States federal budget is the budget to fund government operations for the fiscal year 2013, which began on October 1, 2012, and ended on September 30, 2013. The original spending request was issued by President Barack Obama in February 2012.[7]
The Budget Control Act of 2011 mandates caps on discretionary spending, which under current law will be lowered beginning in January 2013 to remove $1.2 trillion of spending over the following ten years. In addition, several temporary tax cuts were scheduled to expire at the beginning of the 2013 calendar year, including the 2001 and 2003 Bush tax cuts on income, capital gains, and estate tax, which had been extended in a 2010 tax deal, as well as a payroll tax cut that began as a result of the 2010 deal and had been most recently extended in an early 2012 tax deal. The combination of sudden spending cuts and tax increases has led to concerns about significant negative effects on the economy in the wake of the weak recovery from the recession that began in 2007.
The government was initially funded through a single temporary continuing resolution. Final funding for the government was enacted on March 26, 2013, as the Consolidated and Further Continuing Appropriations Act, 2013, which contained funding bills for the Department of Defense and Department of Veterans Affairs, with a full-year continuing resolution for all other departments and agencies.
- ^ "Congressional Record - S564" (PDF). Government Publishing Office. Retrieved March 20, 2015.
- ^ "Fiscal Year 2013 Budget of the U.S. Government (Table S-5)" (PDF). United States Office of Management and Budget. Retrieved March 14, 2015.
- ^ a b c "Budget Deficit in U.S. Narrows to 5-Year Low on Record Revenue". Bloomberg News. October 30, 2013. Retrieved October 30, 2013.
- ^ "Fiscal Year 2015 Budget of the U.S. Government (Table S-5)" (PDF). United States Office of Management and Budget. Retrieved March 14, 2015.
- ^ a b c d "Table 1.2—SUMMARY OF RECEIPTS, OUTLAYS, AND SURPLUSES OR DEFICITS (–) AS PERCENTAGES OF GDP: 1930–2020" (PDF). Government Publishing Office. Retrieved October 8, 2015.
- ^ "Fiscal Year 2016 Budget Historical Tables" (PDF). Office of Management and Budget. Retrieved October 8, 2015.
- ^ Riley, Charles (February 13, 2012). "Obama unveils $3.8 trillion budget". CNNMoney. Retrieved February 13, 2012.
© MMXXIII Rich X Search. We shall prevail. All rights reserved. Rich X Search