ON February 5, 2007, the President submitted the Federal Budget of the United States Government, Fiscal Year 2008 to Congress. (1) For fiscal year 2008, the Federal budget projects a $239.4 billion deficit, a $4.8 billion decrease from the $244.2 billion deficit that is projected for fiscal year 2007. Fiscal year 2006 ended with a $248.2 billion deficit. (2)
The budget is presented on a "unified budget" basis, in effect, on a cash basis. It is a financial plan for the Federal ...