The budget proposal the president sent to congress for fiscal year 2014-2015 pro

Question

The budget proposal the president sent to congress for fiscal year 2014-2015 proposed that the federal government have a budget deficit of $565 billion ($3337B in revenues, $3901 in outlays). An Excel document summarizing this budget proposal can be found in this module.

Revenue Source 2015 Presidential Budget (billions) $ 1,534 $ 1,056 $449 2Individual income tax 3 Social Security and other payroll tax 4Corporate income tax 5 Excise tax 6 Deposits of earnings and Federal Reserve System$88 7 Other miscellaneous receipts 8 Customs duties 9 Estate and gift taxes 10 Allowance for immigration reform 11 Total 12 13 43 $ 37 18 2 $3,337

Explanation / Answer

There needs to be following changes to proposed budget:

     4. Financing of deficits so that planned expenses are met on time

Above initiatives will cause reduction in budget deficit and resulting reduced deficit will be met by the public financing.

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