Proposed U.S. Treasury Department Budget for FY 2009

February 4, 2008 -- The President's proposed budget for the Treasury Department's fiscal year 2009 reflects the Department's continued dedication to promoting economic growth and opportunity, strengthening national security, and exercising fiscal discipline.

"The President's proposed budget for Treasury supports the Department's pro-growth priorities and commitment to promoting economic growth and stability, and ensuring the safety, soundness, and security of the U.S. and international financial systems," said Treasury Secretary Henry M. Paulson, Jr.

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The Treasury appropriations request for FY 2009 is $12.5 billion, an increase of 3.8 percent over the FY 2008 enacted budget of $12.0 billion.

Promoting Economic Growth and Opportunity

The Treasury Department's offices of International Affairs, Tax Policy, Economic Policy, and Domestic Finance provide technical analysis, economic forecasting, and policy guidance on issues ranging from federal financing to responding to international financial crises.

The FY 2009 budget provides an additional $3.0 million to Domestic Finance's Office of Debt Management to update their information technology systems to ensure accurate and timely projections can be made.

Additional funds of $.07 million are requested to recruit investment flow analysts and other specialists. This funding is necessary to provide additional support for, and measure progress toward, achieving the International Affairs objective of ensuring national security and increasing economic growth.

Strengthening National Security

The Office of Terrorism and Financial Intelligence marshals the Treasury Department's intelligence and enforcement functions, aimed at safeguarding the financial system against illicit use and combating national security threats from rogue regimes, terrorism, proliferation of weapons of mass destruction, and narcotics trafficking. To support these efforts, Treasury requests an $11.0 million increase for TFI, including $5.5 million for the Financial Crimes Enforcement Network to ensure effective management of the Bank Secrecy Act.

Exercising Fiscal Discipline

One of Secretary Paulson's top priorities is keeping the U.S. on the path to achieve the President's goal of reducing budget deficits and balancing the budget by 2012. The Treasury Department is committed to reducing the deficit by managing the nation's finances effectively and ensuring the most efficient use of taxpayer dollars and collecting the revenue due to the federal government.

Enforcing the Nation's Tax Laws Fairly and Efficiently

The budget requests $11.4 billion for the Internal Revenue Service, an increase of 4.3 percent over the FY 2008 enacted budget for the IRS to expand its enforcement activities and to continue improvements in taxpayer service.

Summary of Treasury's FY 2009 Budget Request:
http://treas.gov/offices/management/budget/budgetinbrief/fy2009/index.sh...

Source: Treasury Dept.