Problem:
Budget of the United States government: The Office of Management and Budget provides access to the budget of the United States government at its Web site: www.gpoaccess.gov/usbudget/citizensguide.html. "A Citizen's Guide to the Federal Budget" provides information about the budget and the budget process for the general public. Access the guide for the most current fiscal year presented on the Web site and complete the following requirements:
Required to do:
Q1. What percentage of gross domestic product does spending for federal programs represent? What percentage does state and local government spending represent?
Q2. What was the amount of total receipts? Where did they come from?
Q3. What was the amount of total outlays? Where did they go?
Q4. Explain the process used by the government to create a budget.
Q5. How is the federal budget monitored?
Q6. What is meant by a budget surplus? A budget deficit?
Q7. Why is a budget deficit important? A budget surplus?