Federal Budget Practice Problem 2 On February 26, 2009, President Obama submitted his administration's FY2010 (Oct. 1, 2009 - Sep 30, 2010) proposed budget for the federal government. We have collected the following information from the budget document: Outlays Defense Non-defense Social Security S1.061 billion $222 billion Medicare Medicaid Other mandatory programs Net Interest Receipts Individual Income Taxes $695 billion Corporation Income Taxes $695 billion Social Insurance and Retirement Receipts (Payroll taxes) Excise Taxes $290 billion Estate and Gift Taxes S582 billion Customs Duties $164 billion Deposits from Federal Reserve Other receipts $1,368 $2,020 Total Receipts $77 billion $20 billion $23 billion S22 billion $16 billion Discretionary Spending Mandatory Spending $2,381 A. Fill in the missing values for Defense Spending. Medicare Spending, and Social Insurance and Retirement Receipts in the above table. B. What percent of total spending is the discretionary portion of the budget? C. What percent of total spending is the mandatory spending portion of the budget? D. What percent of government receipts are collected from Corporation Income Taxes? E. Compute the value of the budget surplus/deficit