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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.
As of the fiscal year 2019 budget approved by Congress, national defense is the largest discretionary expenditure in the federal budget. [13] 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.
The United States budget process is the framework used by Congress and the President of the United States to formulate and create the United States federal budget.The process was established by the Budget and Accounting Act of 1921, [1] the Congressional Budget and Impoundment Control Act of 1974, [2] and additional budget legislation.
Like households, the federal government must live within the confines of a budget. However, those confines are much, much larger than the spending limits of the average household -- or any ...
According to data from the Congressional Budget Office, pay and benefits for federal workers in 2022 cost $271 billion, making up only 4.3% of that year’s budget.
The budget grew substantially as well. In 1939, federal receipts of the administrative budget were 5.50 percent of Gross National Product, GNP, while federal expenditures were 9.77 percent of GNP. These numbers were up significantly from 1930, when federal receipts averaged 3.80 percent of GNP while expenditures averaged 3.04 percent of GNP.
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]
The federal budget does not become law and is not signed by the president. Instead, it is a guide for the House and the Senate in making appropriations and tax decisions. [11] However, no budget is required and each chamber has procedures in place for what to do without one. [11]