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The purpose of this question is to give you some up-to-date information concerning the U.S. Federal...

The purpose of this question is to give you some up-to-date information concerning the U.S. Federal Budget. Read the 2017 United States Budget Estimate, then answer the following questions:
A.   What is the fiscal year (FY) for the federal government?

B.   What is the projected size of GDP in FY 2017?

C.   What is the estimated size of the 2017 United Budget?

D.   What are total estimated revenues?

E.   What are the major sources of government revenues?

F.   What is total estimated government spending?

G.   What are the largest government spending categories?

H.   What percentage of government spending is mandatory spending? Discretionary spending?

I.   Is the United States projected to run a deficit or a surplus in FY 2017?

J.   How much is total federal U.S. debt?

K.   What is the total federal debt as a percentage of GDP?

L.   Is the deficit a problem for the U.S.? Explain.

M.   Is the debt a problem for the U.S.? Explain.

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Answer #1

a) A fiscal year for the federal government is a perios that is used for accounting purposes and preparing financial statement. A fiscal year is different from calendar year.

b) The projected size of of GDP in FY 2017 is $17 Trillion.

c) the estimated size of the 2017 United Budget is 3.65 trillion dollars.

d) total estimated revenues is 3.21 trillion dollars.

e) individual income tax is accounted to be the major sources of government revenues that is about 49% .

f) total estimated government spending is 3.65 trillion dollars.

g) Spending on Social Security, unemployment, and labor is estimated to be about 36% of all outlays in 2017.

H -) Mandatory spending - $2.56 trillion and Discretionary Spending is - $1.08 trillion.

I-) A defecit of $443 billion is FY 2017

J) Total debt - $17.7 trillion.

K) 104.4%

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