The 2003 federal budget (according to the July White House Mid-Session Review) is estimated to be $1.77 trillion in receipts and $2.21 trillion in outlays (expenditures). That means a deficit of $440 billion. (The actual numbers will be available after the 2003 fiscal year ends this coming Tuesday.)
For every dollar the federal government spends:
- 36 cents come from individual income taxes
- 32 cents come from Social Security, Medicare and other retirement taxes
- 6 cents come from corporate income taxes
- 3 cents are generated by taxes on alcohol, tobacco, fuel, telephones, air transportation, etc. (excise taxes)
- 3 cents come from estate taxes, custom duties and government fees (such as $50 for a National Parks Pass)
- and 20 cents are borrowed from our children and grandchildren