The budget for 2013 is an anticipated 3.67 trillion dollars.
The projected FY 13 Federal Budget is allocated into 3 basic spending designations.
· 62% Mandatory or 2.28 trillion dollars
· 31% Discretionary or 1.14 trillion dollars
· 7% Interest on the Debt or 257 billion dollars
Even with the 2.9 trillion in estimated tax revenue only 76% of the budget will be met. The remaining 24% or 901 billion dollars will be borrowed in order for the Federal government to meet its commitments to the states, military, and government programs.
The projected FY 13 Federal Budget is allocated into 3 basic spending designations.
· 62% Mandatory or 2.28 trillion dollars
· 31% Discretionary or 1.14 trillion dollars
· 7% Interest on the Debt or 257 billion dollars
Even with the 2.9 trillion in estimated tax revenue only 76% of the budget will be met. The remaining 24% or 901 billion dollars will be borrowed in order for the Federal government to meet its commitments to the states, military, and government programs.