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Federal government spending pays for everything from Social Security and Medicare to military equipment, highway maintenance, building construction, research, and education. This spending can be broken down into two primary categories: mandatory and discretionary.
In the 2022 federal budget, mandatory spending is budgeted at $4.018 trillion. Discretionary spending is forecasted to be $1.688 trillion. Interest on the national debt is estimated to be $305 billion.
Overview. CBO: U.S. Federal spending and revenue components for fiscal year 2023. Major expenditure categories are healthcare, Social Security, and defense; income and payroll taxes are the primary revenue sources. CBO: Revenue and Expense as % GDP.
This pie chart shows the breakdown of $7 trillion in combined discretionary, mandatory, and interest spending budgeted by Congress in fiscal year 2020. This year looks different from previous years, thanks to spending on the COVID-19 response. Source: OMB, National Priorities Project.
Budget. The federal government collected nearly $4.5 trillion in revenue in fiscal year 2023 (FY 2023). About half was collected through individual income taxes, while 37% was through payroll taxes. Other revenue sources included corporate income taxes, customs duties, and sales taxes.
THE BUDGET DOCUMENTS. Budget of the United States Government, Fiscal Year 2024 contains the Budget Message of the . President, information on the President’s priorities, and summary...
We track how federal money is spent in communities across America and beyond. Learn more about government spending through interactive tools that explore elements of the federal budget, such as federal loan, grant, and contract data.
1 The Budget includes a reserve for legislation that reduces costs, expands productive capacity, and reforms the tax system. While the President is committed to reducing the deficit with this legislation, this allowance is shown as deficit neutral to be conservative for purposes of the budget totals.
The Federal Budget in Fiscal Year 2022: An Infographic. March 28, 2023. Graphic. The federal deficit in 2022 was $1.4 trillion, equal to 5.5 percent of gross domestic product, almost 2 percentage points greater than the average over the past 50 years. View Document 2.1 MB.
Learn more: Read the Budget. FACT SHEET: The President’s Budget for Fiscal Year 2025. Update on the Administration’s Economic Assumptions. FACT SHEET: The President’s Budget Lowers Costs for...