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Learn about policy issues important to medical schools and teaching hospitals, with Executive Vice President Atul Grover, M.D., Ph.D.

Washington Highlights

Federal Budget Deficit Dropped 29 Percent in 2014

October 17, 2014—United States Treasury Secretary Jacob Lew and White House Office of Management and Budget (OMB) Director Shaun Donovan Oct. 15 released a joint statement detailing the fiscal year (FY) 2014 final budget, which shows “significant and continued progress” in reducing the deficit.

In FY 2014 the deficit fell to $483 billion, a decrease of $197 billion (29 percent) from the prior year. The statement attributes the decrease to a combination of higher receipts and stable outlays in FY 2014. Federal government receipts increased by 9 percent in FY 2014 due to a stronger economy and the expiration of certain tax provisions, including the temporary cut in the payroll taxes.

The federal government spent $3.5 trillion in FY 2014, a $50 billion (1.4 percent) increase over FY 2013. Department of Health and Human Services (HHS) spending increased by $49.7 billion (5.6 percent), primarily because of a $36.1 billion (13.6 percent) increase in Medicaid spending.  Medicare spent $606 billion, an increase of $15 billion (2.5 percent).

Contact:

Dave Moore
Senior Director, Government Relations
Telephone: 202-828-0559
Email: dbmoore@aamc.org

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Jason Kleinman
Sr. Legislative Analyst, Govt. Relations
Telephone: 202-903-0806
Email: jkleinman@aamc.org