1997 United States federal budget

From Wikipedia, the free encyclopedia

SubmittedFebruary 5, 1996 [1]
Submitted byBill Clinton
Submitted to104th Congress
Total revenue$1.5 trillion (requested)[2]
$1.58 trillion (actual)[3]
18.6% of GDP (actual)[4]
1997 Budget of the United States federal government
SubmittedFebruary 5, 1996 [1]
Submitted byBill Clinton
Submitted to104th Congress
Total revenue$1.5 trillion (requested)[2]
$1.58 trillion (actual)[3]
18.6% of GDP (actual)[4]
Total expenditures$1.64 trillion (requested)[5]
$1.60 trillion (actual)[6]
18.9% of GDP (actual)[4]
Deficit$21.9 billion (actual)[6]
0.3% of GDP (actual)[4]
Debt$5.369 trillion (at fiscal end)
63.3% of GDP[7]
GDP$8.483 trillion[4]
WebsiteGovernment Publishing Office
‹ 1996
1998›

The United States Federal Budget for Fiscal Year 1997,[8] was a spending request by President Bill Clinton to fund government operations for October 1996-September 1997. Figures shown in the spending request do not reflect the actual appropriations for Fiscal Year 1997, which must be authorized by Congress. The requested budget was submitted to Congress on February 5, 1996.

The stated objectives for President Clinton's FY1997 budget are to: (1) Balance the federal budget within seven years by making cuts in entitlements and discretionary spending while enacting modest tax cuts and (2) Maintaining growth while protecting senior citizens, middle-class families and children. The Clinton Administration projected a US$40 billion surplus by 2002.[8]

A key aspect of the FY1997 budget is what was known as the "trigger". The trigger program essentially ensured that tax cuts after 2000 would end if the deficit was not at least US$20 billion below the Congressional Budget Office's estimate. Conversely, if the deficit was at least US$20 billion below CBO estimates then the tax cuts would continue and the money exceeding the US$20 estimate is used to reduce discretionary spending.[8]

Total Receipts

1997 Actual Receipts by Source
  1. Individual income tax (46.7%)
  2. Social Security/other payroll tax (34.1%)
  3. Corporate income tax (11.5%)
  4. Excise tax (3.7%)
  5. Estate and gift taxes (1.3%)
  6. Customs duties (1.1%)
  7. Other miscellaneous receipts (1.6%)

(in billions of dollars)

Source Requested[2]

[9]

 Actual[3]

[10]

Individual income tax 645 737
Corporate income tax 185 182
Social Security and other payroll tax 536 539
Excise tax 57 58
Estate and gift taxes 17 20
Customs duties 20 18
Other miscellaneous receipts 32 25
Total 1,495 1,579

Total spending

The President's budget for FY1997 totals $1.635 trillion. Percentages in parentheses indicate estimated percentage change compared to 1996. This budget request is broken down by the following expenditures:

Deficit

Debt increases

Causes of Change in CBO Forecasts

Renewable energy

References

Related Articles

Wikiwand AI