Federal Government's Financial Health: A Citizen's Guide to the 2008 Financial Report of the United States Government

摘要

Fiscal Year (FY) 2008 was a year of unprecedented change in the financial position and condition of the U.S. Government, with potentially more changes in the near future. The Governments net operating cost and budget deficit both more than doubled during FY 2008. Chart 1 shows that the net operating cost increased from $276 billion in FY 2007 to just over $1 trillion in FY 2008, and the budget deficit jumped to $455 billion, compared with a deficit of $163 billion in FY 2007. These increases were due in part to the developing weakness in the economy throughout 2008 and to the Administrations response to that weakness. Due to the weakening economy, corporate tax revenues declined by $68 billion. Net operating cost increased, mainly due to large increases in revaluations of long-term employee and veteran benefits payable.