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Submitted by coozick21 on May 7, 2007
Category: Miscellaneous
Words: 501 | Pages: 3
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President Bush released his proposed budget for the fiscal year 2008 on February 5. In the new fiscal year, Bush plans on spending $2.9 trillion, while collecting $2.66 in taxes. This would create a $240 billion deficit. However, in his plan, annual budgets deficits would decrease each year, until there was a $61 billion surplus in 2012. For this to happen, spending would have to be cut annually, and since he is only the President until 2008, his proposal will have to be carried out by the next Commander-in-Chief.
In this new budget, there were some similarities and some differences to previously proposed budgets. One topic that remained the same involved the ACI, or American Competitiveness Initiative. Increases in this area, primarily the three physical science agencies within the ACI, would help the ACI attain their stated goals. The ACI plans to supply 300 grants for schools to implement research-based math curriculums and interventions; employ 100,000 highly qualified math and science teachers by 2015; have 700,000 advanced placement tests passed by low-income students; and have 800,000 workers getting the skills they need for the jobs of the 21st century. Bush also called for increases in weaponry development and spacecraft development.
Some of the larger increases in the '08 budget came in HIV/AIDS funding, which
rose $2.7 billion from '07 to '08, and for U.S. contributions to international financial institutions, which has been raised about $500 million from 07. The Economic Support Fund also received a $700 billion increase. The Department of Defense also stated that funds for the war efforts in Afghanistan and Iraq may also increase by about $4 billion to $248 billion in 2008. He made reference at this time to the "surge" of troops that is to be sent to Iraq. The "surge" refers to the 20,000 soldiers and Marines that are going to be sent to Baghdad and al-Anbar.
Decreases took place in Development Assistance, which is...
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