2007 US Federal Budget

Abstract:

2007 US Federal budget aims at rendering protection to the homeland. The various policies adopted in the budget aim at encouraging growth in the economy of the United States of America. In the domestic arena, initiatives to improve education and shed costs related to health care was aimed at.

In the years 2001 and also in 2003 , the President provided tax relief, which greatly benefited workers. Even the gross domestic product or GDP, which was inflation adjusted was seen to escalate by as much as 3.6%.

2007 US federal budget projected a decrease in deficit to approximately 2.6% of gross domestic product. This is equal to a decrease of USD$354 billion. It is being anticipated that by the year 2009, there will be further reduction in deficit and has been forecasted to reduce 1.4% of GDP.

Opening new vistas:

2007 US Federal budget also aimed at promoting growth on a long term basis by lifting barriers in trade, bringing about reforms in setting high standards pertaining to school education, tackling high expenses related to health care, developing US markets in different countries to promote US goods and services and also to develop new energy resources.

American Competitiveness Initiative:

Under this program, assistance is provided to the children in America so that they can develop their skills in Science and Mathematics. Also included in this program is developing and training the labor force with the latest technological know how, to strengthen private entrepreneurship. The main objective of carrying out the above only ensures that the country is able to maintain a sustained growth in the economy and that it adds to the revenue of the Treasury.

Restraining public spending:

It has been observed that a lot of expenditure is incurred on health care programs. 2007 US federal budget stated that these expenses are required to be reduced. It was urged that there be enough savings in the 141 Federal health care programs or eradicate these programs entirely. This would save the Federal government a total of USD$15 billion.

In fact, 2007 US Federal budget embraced measures, which added approximately, USD$65 billion as savings.

The following sum were assigned for the various sectors in the 2007 US Federal budget:

SECTORS	AMOUNT ASSIGNED(2007 BUDGET REQUEST)
Security of homeland	USD$ 30.9 billion
Defense	USD$439.3 billion
Agriculture	USD$19.7 billion
Energy	USD$23.6 billion
Commerce	USD$6.1 billion
Urban development and residential real estate	USD$33.6 billion
Education	USD$54.4 billion
Labor	USD$10.9 billion
Transportation	USD$13.2 billion
NASA(National Aeronautics And Space Administration)	USD$16.8 billion
Treasury	USD$11.6 billion
Social Security Administration	USD$7.9 billion
Environmental protection	USD$7.3 billion
Miscellaneous agencies	USD$7.3 billion

Table: Allotment of Funds to various sectors in 2007 US Federal budget