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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.
Transfer payments to (persons) as a percent of Federal revenue in the United States Transfer payments to (persons + business) in the United States. CBO projects that spending for Social Security, healthcare programs and interest costs will rise relative to GDP between 2017 and 2027, while defense and other discretionary spending will decline relative to GDP.
This category includes pages related to the budget of the United States federal government. Subcategories This category has the following 9 subcategories, out of 9 total.
The first is that annual deficits have exploded, leaving the nation with a gargantuan $34.6 trillion in total federal debt, 156% higher than the national debt at the end of 2010.
The United States federal budget is divided into three categories: mandatory spending, discretionary spending, and interest on debt. Also known as entitlement spending, in US fiscal policy , mandatory spending is government spending on certain programs that are required by law. [ 1 ]
As of the fiscal year 2019 budget approved by Congress, national defense is the largest discretionary expenditure in the federal budget. [14] Figure C provides a historical picture of military spending over the last few decades. In 1970, the United States government spent just over $80 billion on national defense.
As the co-heads of the newly created Department of Government Efficiency, or DOGE, billionaires Elon Musk and Vivek Ramaswamy are promising to slash at least $2 trillion from the federal budget.
WASHINGTON (Reuters) -The U.S. government on Friday posted a $1.695 trillion budget deficit in fiscal 2023, a 23% jump from the prior year as revenues fell and outlays for Social Security ...