1) Total spending for the federal budget for 2010 is projected to be approximately $3.6 trillion. The budget comprises total expenditures and total receipts by the federal government.
2) The federal deficit for 2010 is projected to be approximately $1.2 trillion. However, note that in 2009, the deficit was projected to be $407 billion but ended up being $1.4 trillion. The deficit is total expenditures less total receipts (such as income taxes) received. When receipts exceed expenditures, there is a surplus.
3) The national debt at the end of fiscal year 2010 is projected to be $14 trillion. This debt is the accumulation of every year's deficit since 1776 less all accumulated surpluses.
4) The annual interest payment on the National Debt for 2010 is projected to be $164 billion.
Sunday, January 9
It's presented as a test, but here are the answers: