The Congressional Budget Office has published an infographic report that indicates the $439 billion U.S. budget shortfall the agency recorded for fiscal 2015 was the government’s smallest deficit since fiscal 2007.
CBO said Wednesday federal debt held by the public at the end of FY 2015 was 74 percent of gross domestic product, the highest annual debt-to-GDP ratio in 65 years.
The agency calculates public debt by adding annual deficits and surpluses and says federal credit programs, including financial aid to students, can also affect overall debt.
The government spent a total of $3.7 trillion on discretionary defense and nondefense programs as well as on mandatory benefits such as Medicare, Medicaid and social security, according to the report.
Revenues from corporate, payroll, individual and miscellaneous taxes amounted to $3.2 trillion during fiscal 2015, the report noted.
Related Articles
The Senate on Saturday voted 59-35 to confirm Sean Cairncross, a former Republican National Committee official, as the next national cyber director. With his confirmation, Cairncross succeeds Harry Coker as head of the White House Office of the National Cyber Director. In this capacity, he will serve as the principal adviser to the U.S. president on cybersecurity strategy and policy in relation to the coordination of information security and data protection; efforts to deter malicious cyber activity; and programs and policies meant to improve the U.S. cybersecurity posture, among others. In February, President Donald Trump nominated Cairncross to the role.
Edward Forst has been nominated by President Donald Trump as the next administrator of the General Services Administration, succeeding Robin Carnahan, who resigned in January after serving for nearly four years. The White House announced the nomination on Sunday. Who Is Edward Forst? Forst is a seasoned executive and investor with vast experience in the global financial services and real estate industries. He most recently served as chairman of London-based private equity firm Lion Capital for three years. He was also the CEO of Cushman & Wakefield from 2013 to 2015. He spent 17 years at Goldman Sachs serving various senior executive
The Senate voted on Thursday 53-44 to confirm Matthew Kozma as the new undersecretary of the Department of Homeland Security for intelligence and analysis. In his role, Kozma would manage the Office of Intelligence and Analysis, which detects and addresses domestic and international threats, cyber risks and evolving national security issues, Homeland Security Today reported. He will lead the intelligence efforts to ensure the sharing of threat information between federal, state and local agencies. Find out more about the challenges and opportunities of the agency at the Potomac Officers Club 2025 Homeland Security Summit on November 12. Get insights into