Macroeconomics Exam 2 Part 2
Macroeconomics Exam 2 Part 2 Economics 111
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This 0 page Study Guide was uploaded by amber weiss on Friday February 26, 2016. The Study Guide belongs to Economics 111 at Southern Illinois University Edwardsville taught by Mary Anne Pettit in Spring 2016. Since its upload, it has received 38 views. For similar materials see Macroeconomics in Economcs at Southern Illinois University Edwardsville.
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Date Created: 02/26/16
Macroeconomics Exam 2 Part 2 ALL WE NEED TO KNOW Budget plan for spending plan for expenditures outlays and tax collections tax revenues or tax receipts If you are spending more than you have the only things you can do CUT EXPENSES or MORE INCOME Balanced Budget government expenditures outlays tax revenues spending that goes out tax collection Budget surplus Tax revenues exceed government expenditures tax collection is higher than spending outlays DON T FORGET WE NEED TO KNOW ALL THE NAMES FOR THE PREVIOS POINTS Budget De cit government expenditures exceed tax revenues spending more than taxes in tax revenues FISCAL YEAR vs CALENDAR Federal scal OCTOBER 1ST 2015 TO SEPTEMBER 30TH 2016 In the scal year 2015 Outlaysexpenditures 37 trillion spent tax receipts 32 trillion collected The federal de cit of 2015 is 438 billion Estimated scal year FY 2015 582 billion actual 438 billion FY 2016 615 billion FY 2017 503 Billion These estimates make assumptions about health of the economy federal spending and taxes National Debt sum of ALL PAST budget de cits Current national debt estimate 19 trillion Statutorv debt Limit 181 trillion this debt limit or debt ceiling caps the borrowing or authority of federal government BIG DEAL November 2 2015 current debt Limit suspended to accommodate debt through March 26th 2017 for NEW PRESIDENT FEDERAL BUDGET OUTLAYS 2015 WHERE DOES OUR FEDERAL DOLLARS GO 1 Social security and Medicare 2 National defense 3 Social programsincome security 4 HealthMedicaid 5 Net interest on debt Federal tac receipts 1 Individual income taxes 2 Social insurance taxes 3 Corporate income taxes 4 Excise estate customs duties federal reserve deposits FOR THE LAST 2 BULLETS WE DO NOT NEED TO KNOW THE PERCENTAGES JUST THE ORDER
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