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1 John S. Barry, The President's Fiscal Year 2004 Budget 1 (2003)

handle is hein.taxfoundation/srbcaxz0001 and id is 1 raw text is: March 2003 No. 120 Introduction President Bush's fiscal year 2004 budget focuses on three major themes: Economic growth and job creation primari- ly through significant individual tax relief and fundamental tax reform. Increased security from terrorism and other threats abroad primarily through increased Department of Defense spending. • Protection of the homeland primarily through creation and expansion of the new Department of Homeland Security. The President's budget also includes proposals that would considerably increase spending on Medicare, primary education programs, the Environmental Protection Agency, and research and development. The Budget Outlook The President's fiscal year 2004 budget requests $2.2 trillion in total spending and anticipates $1.9 trillion in total receipts. In other terms, based on administration forecasts, federal spend- ing will be 19.7 percent of Gross Domestic Product (GDP) and receipts will total 17.0 percent of GDP in fiscal year 2004. Spending of $2.2 trillion represents a 2.2 percent increase Figure I Federal Receipts and Outlays as a Percentage of GDP Fiscal Years 1940 - 2008 45% 40% 35% 30% 25% 20% 15% 10% 5% 0%40 '42 '44 46 '48 45% Outlays Receipts '50 '52 '54 '56 '58 '60 '62 '64 '66 '68 '70 '72 '74 '76 '78 '80 '82 '84 '86 '88 Fiscal Year I I I I I I I I I I I I I I I I I I I 40% 35% 30% 0 25% en 20% o 15% [ 10% 5% 0% '90 '92 '94 '96 '98 '00 '02 '04e'06e '08e P% (_D Ll- 0 0 4- a) 0 U, ; ; ; ; immim imm; ; ; ; ; = EMENIENIMIN -L

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