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Clinton's Budget At A Glance

WASHINGTON (AllPolitics, Feb. 6) -- President Bill Clinton released his long-awaited balanced budget plan today with tax and spending proposals for fiscal years 1998-2002. Here are the plan's main features:

Spending and Revenues Spending is set at $1.69 trillion for 1998 with revenues projected at $1.57 trillion, leaving a deficit of $120.6 billion, up from this year's $107.3 billion deficit. The five-year plan projects not only balance but a $17 billion surplus in 2002. Spending projections through 2002:

Fiscal '98 Budget
Revenues $1.57 trillion
Outlays $1.69 trillion
Deficit $120.6
Discretionary Outlays $547.5
Mandatory outlays* $890.2
Debt Interest $249.9
*Including $380.9 for Social Security
and $310.2 for Medicare and Medicaid.
Figures in $billions

TAXES Although the president has proposed $98 billion in tax cuts, he has also added $76 billion in hikes leaving a net cut of $22 billion.

Cuts:

  • $500 per child tax credit ($46.7 billion).
  • $1,500 college scholarships/$10,000 deductions for college expenses. ($38.6 billion).
  • Penalty-free withdrawals from individual retirement accounts for education, home purchases, and unemployement ($5.5 billion).
  • Capital gains tax relief for home sales under $500,000 ($1.5 billion).

Hikes:

  • 10 percent airline ticket tax ($34 billion)
  • Business taxes, closed corporate loopholes ($42 billion)

EDUCATION In addition to the aforementioned tax breaks, the president proposed increasing federal spending on education 20 percent to $51 billion. That includes raising top the top Pell grant level to $3,000 from $2,700.

MEDICARE The president has proposed $138 billion in savings over six years ($100 billion by 2002).

MEDICAID By capping benefits and tying increases to the nation's economic output, the president projects $22 billion in savings. However, he also spends $13 billion on other Medicaid services, putting the net savings at $9 billion.

DEFENSE At $259.4 billion for 1998, Clinton's total defense budget is a small decrease from 1997.

The Agencies At A Glance
1996 1997 1998
Legislative 2.2 2.3 2.4
Judiciary 2.9 3.1 3.3
White House 0.2 0.2 0.2
Pres. Funds 11.4 11.8 11.9
Agriculture 15.1 16.2 15.2
Commerce 3.8 3.9 4.2
Defense-Military 253.7 255.2 248.4
Defense-Civil 3.8 3.7 3.5
Education 23.2 25.3 26.3
Energy 18.4 17.7 16.8
Health 32.3 34.0 35.4
Housing 31.4 33.4 34.0
Interior 7.0 7.5 7.3
Justice 11.5 13.5 16.6
Labor 9.6 10.1 10.5
State 4.5 5.1 5.1
Transportation 36.3 35.9 36.0
Treasury 10.2 10.5 11.1
Veterans 18.1 19.0 18.6
Environment 6.3 6.5 6.7
General Serv. 0.7 0.9 0.4
NASA 13.9 13.7 13.6
OffPerMgmt 0.1 0.2 0.2
SBA 0.9 0.8 0.8
SocSecAdmin 4.6 5.6 5.7
Other 12.2 13.9 13.4
From The Associated Press/Figures in Billions

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