What was the federal budget deficit in 2013?
$900 billion
The projected 2013 deficit was $900 billion (5.5% GDP), down from the 2012 deficit of $1.3 trillion (8.5% GDP).
How much did the US federal government spend in 2013?
The federal government spent $3.1 trillion in the states during its 2013 fiscal year.
What federal programs should be cut?
Congress should cut food subsidies, farm subsidies, energy subsidies, housing subsidies, rural subsidies, development subsidies, K-12 subsidies, college subsidies, welfare subsidies, disaster subsidies, security subsidies, community subsidies, developer subsidies, water subsidies, grazing subsidies, unemployment …
Which of the following accounted for the highest percentage of federal government spending in 2013?
Social Security is the largest federal spending program and has held this position since surpassing defense in 1993.
What is overfunded in the US?
having or receiving more money than is necessary or allowed: Some local companies are sitting on overfunded pension plans, while others are putting lots of money in funds that have too few assets.
What was the federal budget for FY 2013?
The president’s FY 2013 budget was designed to guide U.S. government spending for that fiscal year (October 1, 2012 – September 30, 2013).
What was the Budget Control Act of 2011?
The Budget Control Act of 2011 also impacted FY 2013 spending. Congress passed this Act to end the 2011 debt ceiling crisis. It used sequestration to cut Federal spending by $1.2 trillion over 10 years. It cut $85 billion from the FY 2013 budget as follows:
What was the defense budget cut in 2013?
The FY2013 defense budget would be reduced 11%, from $525 billion to $472 billion, after already having been cut from $571 billion in the first installment of cuts in the Budget Control Act. Secretary of Defense Leon Panetta initially gave the total cut figure as 23%.
What was the national debt in FY 2013?
Interest on the national debt was $221 billion, and it must also be paid. 9 Just over a third of spending, or $1.147 trillion, went toward discretionary programs. Even without sequestration, this is significantly lower than in prior years, when around 40% of the budget was discretionary.