United States President George w. Bush will be announced on February 4, United States Federal Government's budget for fiscal 2009, according to a senior government official said, the total budget for the first time three trillion.
: Http://finance. According to reports, the official said, the United States federal budget deficit will have tremendous growth in 2008 and 2009 fiscal year will reach 400 billion. This is mainly due to a huge amount of fiscal stimulus bill, the White House and Congressional leaders hope that through this Act to promote economic growth, to avoid the United States economy into recession. Afghanistan and Iraq war spending also contribute to the United States has one of the reasons for the substantial deficits, and alternative minimum tax relief plan for a further period of one year would reduce government revenue, the plan aims to reduce the tax burden on middle class.
The officials noted that the 2008 and 2009 fiscal year budget deficits are equivalent to those of the United States GDP 2.8%, while slightly more than 40 years of 2.4% average level, but is not too high. The official said that Bush's goal is 2012 the United States financial balance, and the forthcoming fiscal 2009 budget will not enable him to this goal. When United States President George w. Bush took office of budget surpluses, but his massive tax policy as well as the worldwide launch of the war on terror, coupled with economic recession in the United States in 2001, the negative impact of the budget of the United States was in the Red quickly.
The Bush Administration will balance the budget part of hope lies in the swingeing cuts entitlements expenditures, but in view of the Parliament is dominated by the Democratic Party have, some members of Congress in the fall of 2008, is facing an election, the White House's plans this year to obtain the approval of the Congress will be particularly difficult. The Bush Administration's budget plans also attempt to strictly control the large number of domestic institutions of expenditure, this is also a member of Parliament do not like the idea.
But if the above savings plan cannot be implemented, the United States deficit will be higher.
The so-called entitlements (refers to the Federal Government in accordance with the relevant legal provision for the citizens of social assistance, unemployment insurance, health insurance, and other welfare expenditure, it is a statutory expenses, without government financial situation is good or bad) is the federal budget as part of the fastest growing. The Bush Administration has repeatedly tried to control the expenditure growth, but little success. The Government's biggest action is proposed on the 2005 United States social security system for a major reform. According to Bush's FY 2009 budget, United States of entitlements expenditure over the next five years will be a total reduction of 2080 billion. Only medical benefit payments will reduce the 1780 billion accounted for the reduction of the total of 86% of the team.
Bush in the 2008 budget on medical benefits expenditure reductions than he ever has to budgets. But even in the past, those smaller cuts are very difficult to keep Parliament accepted.
As the House of representatives of the Democratic Party, Chairman of the Committee on health care representatives Peter · Stark (Pete Stark) on Bush Administration to reduce medical welfare expenditures, expressed dissatisfaction with the motion, saying this would threaten the United States the elderly, the disabled and low-income families with children's healthcare. The Government officials said, even if the Bush Administration's plan for reducing branch can get congressional approval, the growth rate of medical welfare expenditure could meet the 5%. This increase is higher than the rate of inflation in the United States.
Many economists, elected officials and business people think that the United States currently 7.2% of medical welfare expenditure increase is unable to long-term sustainability, particularly in view of the baby boom era was born people have gradually retire and start enjoying these benefits. According to current estimates, the United States over the next 75 years for medical and welfare spending will reach $ 34 trillion. The Bush Administration's budget would cut the expenditure of almost one third.
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