Skip to comments.Q&A about Bush's $2.77 trillion budget
Posted on 02/06/2006 2:00:05 PM PST by notes2005
WASHINGTON (Reuters) - Following are questions and answers on U.S. President George W. Bush's $2.77 trillion budget proposal for fiscal 2007 unveiled on Monday.
HOW BIG ARE THE DEFICITS EXPECTED TO BE?
-- The blueprint forecasts a record $423 billion deficit this year. But the White House sees it shrinking to $354 billion in 2007, $223 billion in 2008 and $205 billion by 2011.
-- The plan expects the deficit to narrow to 2.6 percent of gross domestic product in 2007, 1.5 percent in 2008 and 1.2 percent by 2011, from a 3.2 percent share of GDP this year.
WHAT HAPPENS TO THE DEBT?
-- The total federal debt would swell to $11.5 trillion in 2011 from $8.6 trillion this year.
HOW IS MEDICARE AFFECTED?
-- Bush would wring $36 billion in savings from the Medicare health program for the elderly and disabled over five years, slowing annual spending growth to 7.5 percent from 7.8 percent.
-- Proposed savings mostly come from curbing payments to hospitals and other providers. Medicare faces growing financial pressures as the baby boom generation ages.
WHAT DOES BUSH SEEK FOR DEFENSE, IRAQ, AFGHANISTAN?
-- Bush proposed a record $439.3 billion defense budget, up 4.8 percent.
-- On top of that, the White House will seek a new infusion this year of $70 billion in emergency funds for the wars in Iraq and Afghanistan. Total war spending for 2006 is $120 billion, the single biggest discretionary item in the budget. The $70 billion in emergency funds is in addition to $50 billion that Congress already approved.
WILL AGRICULTURE BE CUT?
-- For the second year in a row, Bush proposed an across-the-board cut in farm payments and a $250,000 a year limit on payments per farmer.
-- The cuts would save $10 billion over 10 years. Congress rejected a nearly identical package of USDA cuts last year.
WHAT IS PROPOSED FOR FOREIGN AID?
-- U.S. foreign assistance, excluding food aid, would rise 14 percent.
-- Programs funding everything from child health care to foreign military sales and debt relief would rise to $23.7 billion in fiscal 2007, up from an estimated $20.9 billion.
-- Bush would spend $4 billion to fight AIDS and HIV globally, a $740 million increase.
WHAT IS PLANNED FOR ENERGY PROGRAMS?
-- Bush did not seek money to boost capacity of the Strategic Petroleum Reserve. Congress is requiring the Bush administration to add almost 300 million barrels to the emergency oil stockpile.
-- The budget proposed $250 million in research funds to restart a controversial program that would reprocess spent nuclear fuel.
-- Bush sought to allow oil drilling in Alaska's Arctic National Wildlife Refuge and assumed a windfall from money that would be collected in leasing fees from energy companies.
WHAT ABOUT EDUCATION?
-- The overall education budget would take a 3.8 percent cut.
-- Bush wants fresh money for what he calls his competitive initiative, including boosting math and science teaching in public schools and high-tech training.
-- But some programs deemed not essential would be cut, including a vocational training program and a college preparatory program for low-income families.
How much is the "black" (secret) budget?
That's the bazillion dollar question.
Not as much as you might think. As always, the big money in the federal budget is in entitlements. "Discretionary" spending (including national defense, if you can believe that) is about 1/3 of the budget.
Its unexcuseable and we are ALL going to pay a heavy price for this pathetic mis-management.
Did Arthur Andersen sign off on the numbers yet?
At least that's not wasted taxpayer money. /sarc
WHY SO MUCH?
Great, $1000.00 Gold and $5.00 per gallon of gas. This spending is crazy.
Well, if Dubya's gonna treat him like a member of the State Dept...
HOW MUCH IS THE PROJECTED FEDERAL BUDGET FOR MEXICAN BORDER CONTROL AND DEPORTATION OF MILLIONS OF UNREGISTERED ILLEGAL INVADERS?
-- (Moths flying out of the Bush Administration's wallet)
Well, folks, if you want to change any of that, contact your elected representatives.
(I'm fully aware that many of you already do this. I'm only speaking to those that complain in this forum but do not ever call their senators and congressmen.)
2.8 trillion. It's outrageous. They're a bunch of thieves. Whatever happened to idea of dismantling the dept. of education? I'm comfortable with a budget of 1 trillion, 70% of which goes to defense.
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