How much is the federal deficit and what contributes to it?

Question

I searched the US Dpt. of Treasury website and cannot find an a set numerical figure. However, other websites have the $9.4 trillion dollars whereas others have $293 billion as an estimate. If either is correct what is the primary source(s) of this information.

Answer 1

There are two related (and often confused) accounts, the federal deficit and the national debt.  The deficit is revenue minus spending.  There is a new one associated with each annual budget.  The national debt is the total of all the past deficits that have not been paid off yet.  Therefore, the national debt is the larger of the two numbers, the $9.4 trillion.

The budget deficit was $162B for 2007 and is projected to be $410B for 2008.

What goes into the budget deficit is government spending...http://en.wikipedia.org/wiki/United_Stat...

Number one is Social Security, but according to a site I read, SS is not included in the regular budget deficit but instead has its own financing program which is in surplus right now...Next come defense, Medicare, and various other social services.  Another important category is interest on the national debt (which makes up 9% of the budget)

Answer 2

Would you like a daily report on the US Debt? Straight from the Government's bank account:

Source: http://fms.treas.gov/dts/index.html

Total Debt as of June 26th, 2008: $9,368/trillion

As for the source of our debt, it is the spending by Congress in excess of the amount they receive in taxes. As such, a deficit is created which must be bridged by issuing debt.

Yes the Wars contribute to the deficit and our debt, but not as much as people think. Honestly the biggest expense of the Federal Government is Social Security and Medicare. Over $600/billion a year goes to pay for Social Security. Nothing even comes close. The wars in Iraq/Afganistan are peanuts compared to Social Security.

Source: http://www.federalbudget.com/

Answer 3

The federal deficit is is the difference between what the government takes in from taxes and other sources and what it spends annually.

Mainly contribution of the deficit is the wars. They coast tons of money. Currently we're spending 12 billion dollars a month on Iraq war. It's not even worth it.