Monday, January 02, 2012

Tax revenue and spending

From Congressional Budget Office:

US Budget at end of 2011

Tax revenue: 2.3 trillion
Spending: 3.6 trillion
Deficit: 1.3 trillion
GDP: 15 trillion
Deficit as a percentage of GDP: 8.7%

Break down of the tab:
Social security: 725B, 4.8%
Defense: 700B, 4.7%
Medicare: 480B, 3.2%
Medicaid: 275B, 1.8%
Other formula based, such as unemployment insurance, civilian government and military retirement, veteran's benefit, earned income tax credit, food stamp, etc: 545B, 3.6%
Interest servicing debt: 227B, 1.5%
Non-defense discretionary: 646B, 4.3%

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