February 6, 2006
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Proposed Treasury Budget for FY 2007

The President's proposed budget for Treasury in fiscal year 2007 reflects the Department's dedication to promoting economic opportunity, strengthening national security and exercising fiscal discipline.

"The President's proposed budget for FY 2007 is a budget that works to ensure that future generations of Americans will have the opportunity to live in a nation that is more prosperous and more secure," said Treasury Secretary John W. Snow. "Treasury's budget request reflects this Department's ongoing commitment to fiscal discipline and pursuit of the President's economic and security goals."

The Treasury appropriations request for FY 2007 is $11.605 billion, a 0.2 percent increase over the FY 2006 enacted budget of $11.581 billion.

The Treasury Department, through offices including Economic Policy, International Affairs, Tax Policy and Domestic Finance, provides analysis, economic forecasting and policy guidance on issues ranging from tax policy to international financial crises.

The FY 2007 budget provides an additional $0.5 million to the Tax Policy Office to enable the Department to build effective models for dynamic analysis of revenue proposals.

Additional funds of $9.4 million are requested to fund Treasury's overseas presence – providing the U.S. government with unique access to economic ministries in foreign capitals, enhancing our ability to assess and mitigate financial risks, and furthering Treasury's work on the ground to counter the financing of terrorism and weapons of mass destruction.

The Office of Terrorism and Financial Intelligence supports Treasury's national security efforts by safeguarding the U.S. financial systems against illicit use. To support these efforts, Treasury requests an increase of $12.5 million for the Financial Crimes Enforcement Network to enhance its regulatory outreach and strengthen analytical capabilities. An increase of $7.8 million is requested to enable Treasury to continue to enhance its abilities to identify, disrupt, and dismantle the financial infrastructure of terrorists, proliferators of weapons of mass destruction, narco-traffickers, criminals and other threats.

One of Secretary Snow's highest priorities is keeping the U.S. on the path to achieve the President's goal of cutting our deficit in half, to below 2.3 percent of GDP, by 2009. The Treasury Department is committed to reducing the deficit by exercising fiscal discipline and ensuring the most efficient and effective use of taxpayer dollars while at the same time boosting revenues through continued economic growth.

The budget requests $10.591 billion for the Internal Revenue Service. An in-depth press briefing on the revenue proposals, including release of the "Blue Book" will be held at 11:30 a.m. (EST) today in room 4121 of the Treasury Building. (Media without Treasury press credentials should contact Frances Anderson at (202) 622-2960, or frances.anderson@do.treas.gov with: name, Social Security number and date of birth.)

LINKS

• Summary of Treasury's FY 2007 Budget Request