Agricultural Economics Department

 

Date of this Version

March 2003

Comments

Published in Cornhusker Economics, 03/05/2003. Produced by the Cooperative Extension, Institute of Agriculture and Natural Resources, Department of Agricultural Economics, University of Nebraska–Lincoln.
http://www.agecon.unl.edu/Cornhuskereconomics.html

Abstract

The proposed fiscal year 2004 (FY2004) federal budget (available at www.gpi.gov/usbudget) includes details on the allocation of federal expenditures among various budget categories as well as historical tables covering the period 1940 to the present. Of particular interest at this time of potential war are the expenditures related to defense and international relations. U.S. Gross Domestic Product (GDP) is estimated at $11.3 trillion for FY2004 and the proposed federal budget is $2.23 trillion or 19.7 percent of GDP. Proposed defense expenditures, not including any cost for a war in Iraq, are $390 billion (17.5 percent of the total budget or 3.5 percent of GDP), while proposed expenditures for international affairs are $25.6 billion (1.1 percent of total expenditures or 0.2 percent of GDP). The proposed budget also includes $20.8 billion (0.9 percent of total expenditures) for agriculture, $756.2 billion (33.9 percent of the total) for social security and medicare, $325.0 billion (14.6 percent) for income security and $176.4 billion (7.9 percent) for interest on the national debt.

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