APPENDIX TABLE 1.-COMPARATIVE DATA ON THE FEDERAL GOVERNMENT BUDGET ESTIMATES ORIGINALLY SUBMITTED TO CONGRESS AND THE FINAL BUDGET RESULTS, FISCAL YEARS 1921-74 TABLE 1.-COMPARATIVE DATA ON THE FEDERAL GOVERNMENT BUDGET ESTIMATES ORIGINALLY SUBMITTED TO CONGRESS AND THE FINAL BUDGET RESULTS, FISCAL YEARS 1921-74-Continued 1 Represents original estimates by the President to the Congress each January in his annual budget message. 2 No estimates were submitted for fiscal year 1921. The first budget, under provisions of the Budget and Accounting Act of 1921, was submitted by President Harding on Dec. 5, 1921, containing actual data for 1921 and estimates for 1922 and 1923. 3 The budget is compiled on the unified budget concept. The unified budget form was recommended by the President's Commission on Budget Concepts in October 1967. The budget was first submitted on the unified budget basis in January 1968 for fiscal year 1969. The unified budget concept includes both Federal funds and trust funds for receipts and outlays. Federal funds correspond roughly to the old administrative concept used by the Federal Government prior to fiscal year 1969. Federal funds are those which the Government administers as owner as distinguished from those administered in a trustee or fiduciary capacity (the trust funds). Historical functions of Government, such as national defense, veterans' benefits, commerce, labor, agriculture, interest on the public debt, and others are paid from Federal funds (tax revenue and borrowed funds). Income taxes (individuals and corporations), most excise taxes, estate and gift taxes, customs duties, and miscellaneous receipts are paid into the Federal funds accounts from which all Federal funds expenditures are paid All trust funds receipts are paid into the specific trust fund accounts for which the revenue is earmarked. All trust fund payments are made from the specific trust funds accounts. Trust funds surplus receipts are invested in Federal securities (public debt or Federal agencies obligations). At the end of fiscal year 1972 the trust funds owned $102,000,000,000 of public debt securities. Major Federal trust funds are: old-age and survivors insurance, disability insurance, health insurance, unemployment, Federal employees retirement, railroad employees retirement, and the highway trust fund. 4 Represents revised estimates contained in the budget submitted by President Nixon on Jan. 29, 1973. Represents revised estimates contained in “Bureau of the Budget Review of the 1970 Budget" dated Apr. 15, 1969. Source: U.S. Office of Management and Budget. Annual budget documents for fiscal years 1923 to 1974. |