Tag 2016 budget

The 2016 budget for the United States was passed by Congress on December 18, 2015, and signed into law by President Barack Obama on December 18, 2015. The budget for fiscal year 2016 was $3.9 trillion.

Here are some key highlights from the 2016 budget:

Revenue:

• Total revenue: $3.2 trillion
• Individual income taxes: $1.5 trillion
• Payroll taxes: $1.1 trillion
• Corporate income taxes: $345 billion
• Excise taxes: $73 billion
• Estate and gift taxes: $14 billion
• Other taxes: $23 billion

Spending:

• Total discretionary spending: $1.1 trillion
• National defense: $577 billion
• Health and human services: $944 billion
• Education: $71 billion
• Transportation: $78 billion
• Energy and water: $35 billion
• Agriculture: $23 billion
• Commerce and justice: $23 billion
• Science: $31 billion
• Homeland security: $40 billion
• Veterans affairs: $182 billion
• Legislative branch: $5 billion
• Judicial branch: $7 billion

Entitlements:

• Social Security: $1.1 trillion
• Medicare: $576 billion
• Medicaid: $355 billion
• Other entitlements: $143 billion

Debt:

• National debt: $18.9 trillion
• Public debt: $13.9 trillion
• Intragovernmental debt: $5 trillion

Economic Projections:

• GDP growth: 2.7%
• Unemployment rate: 4.9%
• Inflation rate: 1.1%
• Interest rates: 2.5%

It's worth noting that the 2016 budget was passed during a time of divided government, with Republicans controlling Congress and Democrats controlling the White House. The budget was the result of a bipartisan agreement and was seen as a compromise between the two parties.