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2008 () Budget of the United States federal government; Submitted: February 5, 2007: Submitted by: George W. Bush: Submitted to: 110th Congress: Total revenue: $2.662 trillion (requested) $2.524 trillion (actual) 17.1% of GDP (actual) Total expenditures: $2.902 trillion (requested) $2.983 trillion (actual) 20.2% of GDP (actual) Deficit
2008 United States federal budget – $2.9 trillion (submitted 2007 by President Bush) 2007 United States federal budget – $2.8 trillion (submitted 2006 by President Bush) 2006 United States federal budget – $2.7 trillion (submitted 2005 by President Bush) 2005 United States federal budget – $2.4 trillion (submitted 2004 by President Bush)
The Economic Stimulus Act of 2008 ( Pub. L. 110–185 (text) (PDF), 122 Stat. 613, enacted February 13, 2008) was an Act of Congress providing for several kinds of economic stimuli intended to boost the United States economy in 2008 and to avert a recession, or ameliorate economic conditions.
As a share of federal budget, mandatory spending has increased over time. Mandatory spending accounted for 53% of total federal outlays in FY2008, with net interest payments accounting for an additional 8.5%. In 2011, mandatory spending had increased to 56% of federal outlays.
Measured for fiscal years 2001–2008, Federal spending under President Bush averaged 19.0% of GDP, just below his predecessor President Bill Clinton at 19.2% GDP, although tax receipts were substantially lower at 17.1% GDP versus 18.4% GDP.
In October 2009, the Congressional Budget Office (CBO) gave the reasons for the higher budget deficit in 2009 ($1,410 billion, i.e. $1.41 trillion) over that of 2008 ($460 billion).
The Canadian federal budget for the 2008-2009 fiscal year was presented to the House of Commons of Canada by Finance Minister Jim Flaherty on February 26, 2008. The budget included a surplus of $10.2 billion to be applied to pay down federal debt, and the introduction of the Tax-Free Savings Account (TFSA).
The Emergency Economic Stabilization Act of 2008, also known as the " bank bailout of 2008 " or the " Wall Street bailout ", was a United States federal law enacted during the Great Recession, which created federal programs to "bail out" failing financial institutions and banks. The bill was proposed by Treasury Secretary Henry Paulson, passed ...
2007 Financial Report of the United States Government Archived 2008-02-27 at the Wayback Machine; Columbia University selective guide for research on the U.S. Federal budget process; Budget Process Tutorial From the House Budget Committee (Republican Staff) Archived 2008-05-30 at the Wayback Machine; The Congressional Budget Office
Debates following the 2008–2009 recession and resulting slow economic growth and high unemployment centered on the prioritization of job creation and economic stimulus versus the need to address significant budget deficits.