President Barack Obama’s $3.77 trillion fiscal 2014 budget would cut the deficit to $744 billion next year, down from more than a trillion in fiscal 2012. Driven by the costs of mandatory programs, outlays are expected to increase to $3.8 trillion in 2014, but fall as a share of gross domestic product to 22.2 percent, the lowest level since 2008. And after dipping during the recession, revenue is expected to grow steadily but stay below 20 percent of GDP.
The chart here was created by CQ Roll Call's Ted Benson and Sarah Vanderbilt. A detailed breakdown and analysis of the budget is available on CQ.com.
Source: Data is from the historical tables of the president’s budget, released Wednesday morning.
Note: The effects of the sequester are not accounted for in the budget because the president has proposed replacing the sequester with alternate savings. At the time the president’s 2014 budget request was developed, none of the full-year appropriations bills for 2013 were enacted, so 2013 figures in this year’s historical tables are based on the policies put forward in the president’s fiscal 2013 request.