Unified Budget - History

History

The United States government adopted a unified budget in the Johnson administration in 1968, beginning with the 1969 budget. The surplus in the Social Security OASDI (Old Age Survivors and Disabilities Insurance) budget offsets the total deficit, making it appear smaller than it otherwise would.

The Budget Enforcement Act of 1990, however changed this so that the two Social Security Trust Funds, and the operations of the Postal Service, are considered to be 'off-budget' and are excluded from the unified budget. This means that the Social Security Tax is not counted as revenue to the General Fund, and interest paid to the Trust Funds is counted as an expense to an external entity. Often Federal budget reports will contain two sets of numbers for the yearly Federal Budget: an 'off-budget' deficit (or surplus) and an 'on-budget' deficit (or surplus) the former of course including the receipts and outlays of these budgets, but by law for purposes of balancing the budget they are 'off-budget'.

Read more about this topic:  Unified Budget

Famous quotes containing the word history:

    I believe my ardour for invention springs from his loins. I can’t say that the brassiere will ever take as great a place in history as the steamboat, but I did invent it.
    Caresse Crosby (1892–1970)

    Both place and time were changed, and I dwelt nearer to those parts of the universe and to those eras in history which had most attracted me.
    Henry David Thoreau (1817–1862)

    Don’t you realize that this is a new empire? Why, folks, there’s never been anything like this since creation. Creation, huh, that took six days, this was done in one. History made in an hour. Why it’s a miracle out of the Old Testament!
    Howard Estabrook (1884–1978)