Where the money comes from

For Fiscal Year 2005, which ends Friday, the last White House estimate (the July Mid-Session Review) was that there would be $2.140 trillion in receipts and $2.479 trillion in expenditures. That means a deficit of $339 billion. This was before hurricanes Katrina and Rita.

Based on this estimate, for every dollar the federal government has spent since last October 1:

• 37½ cents came from individual income taxes
• 32 cents came from Social Security, Medicare and other retirement taxes
• 10½ cents came from corporate income taxes
• 3 cents was generated by taxes on alcohol, tobacco, fuel, telephones, air transportation, etc. (excise taxes)
• 2 cents came from custom duties and government fees (such as $50 for a National Parks Pass)
• 1 cent came from estate and gift taxes
• and 14 cents was borrowed from our children and grandchildren

All of the hurricane money will have to be borrowed.