Tuesday, December 13, 2011
[IWS] CBO: THE U.S. FEDERAL BUDGET: INFOGRAPHIC [12 December 2011]
IWS Documented News Service
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
Congressional Budget Office (CBO)
THE U.S. FEDERAL BUDGET: INFOGRAPHIC [12 December 2011]
The United States is facing significant and fundamental budgetary challenges. The federal government’s budget deficit for fiscal year
2011 was $1.3 trillion; at 8.7% of gross domestic product (GDP), that deficit was the third-largest shortfall in the past 40 years.
(GDP is the sum of all income earned in the domestic production of goods and services. In 2011, it totaled $15.0 trillion.)
In 2011, federal spending (outlays) exceeded 24% of GDP, the third-highest level in the past 40 years, while federal revenues
were just over 15% of GDP, the third-lowest level during that period. If economic conditions improve, spending will decline relative
to GDP and revenues will rise. But even so, under current policies, a large gap between spending and revenues will persist.
Annual budget deficits occur when spending exceeds revenues; the government must borrow to cover such a shortfall. Federal debt
held by the public is the total value of outstanding Treasury bills, notes, bonds, and other debt instruments (including Treasury
securities held by the Federal Reserve) that have accumulated over time to finance the government’s activities.
At the end of fiscal year 2011, debt held by the public amounted to $10.1 trillion, or 67% of GDP. Another $4.6 trillion in Treasury
securities were held by other federal government accounts, representing amounts that one part of the government (mostly
the Social Security Administration) had lent to another (the Treasury)
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Director, IWS News Bureau
Institute for Workplace Studies
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New York, NY 10016
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