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The United States budget comprises the spending and revenues of the U.S. federal government.The budget is the financial representation of the priorities of the government, reflecting historical debates and competing economic philosophies.
The fiscal 2010 budget proposal brought the overseas contingency supplemental requests into the budget process, adding the $130 billion amount to the deficit. [ 48 ] The U.S. defense budget (excluding spending for the wars in Iraq and Afghanistan, Homeland Security, and Veteran's Affairs) is around 4% of GDP. [ 49 ]
For scale, in 2009 the budget deficit reached 9.8% GDP ($1.4 trillion nominal dollars) in the depths of the Great Recession. CBO forecast in January 2020 that the budget deficit in FY2020 would be $1.0 trillion (~$1.16 trillion in 2023), prior to considering the impact of the COVID-19 pandemic or CARES. [120]
On an annual basis, the budget deficit was $1.83 trillion in 2024; the government collected $4.92 trillion in revenue while spending $6.75 trillion, mostly on health and retirement insurance ...
Budget analysts think that trend will continue, making 2024 the first year ever that the United States will spend more on interest ... Since 2020, the annual deficit has swelled to $2.24 trillion ...
The budget deficit increased from $665 billion in 2017 to $779 billion in 2018, an increase of $114 billion or 17%. The budget deficit increased from 3.5% GDP in 2017 to 3.9% GDP in 2018. Compared to the budget deficit of $487 billion forecast for 2018 by CBO just prior to Trump's inauguration, the actual budget deficit was up $292 billion or 60%.
Before Trump entered office, for example, the Congressional Budget Office (CBO) estimated that budget deficits from 2017-2027 would total $10 trillion—a figure based on existing spending ...
According to the Congressional Budget Office, the United States last had a budget surplus during fiscal year 2001, though the national debt still increased. [47] From fiscal years 2001 to 2009, spending increased by 6.5% of gross domestic product (from 18.2% to 24.7%) while taxes declined by 4.7% of GDP (from 19.5% to 14.8%).