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Thursday, March 25, 2010

Economics: The Federal Budget

Income taxes don't even cover discretionary spending!

Discretionary spending in fiscal year 2009 was $1,219 billion, of which $782 billion is for "security" while income taxes were "only" $1,053 billion, of which $915 billion come from individuals. Mandatory programs such as medicare cost $2,112 billion and interest is $187 billion.

See table S-3 of Summary Tables in The President'S Budget for Fiscal Year 2011 by The Office of Management and Budget, February 2, 2010.

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