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The Fiscal Responsibility Act of 2023, passed in June 2023, resolved that year's debt-ceiling crisis and set spending caps for FY2024 and FY2025. The act called for $895 billion in defense spending and $711 billion in non-defense discretionary spending for fiscal year 2025, representing a 1% increase over fiscal year 2024. [10]
The United States federal budget for fiscal year 2023 ran from October 1, 2022, to September 30, 2023. The government was initially funded through a series of three temporary continuing resolutions. The final funding package was passed as an omnibus spending bill, the Consolidated Appropriations Act, 2023.
Federal spending per capita (that is, per person in the U.S.) was approximately $11,551 during 2011, versus $6,338 in 2000. Adjusted for inflation, these amounts were $5,133 in 2011 and $3,496 in 2000. Adjusted for inflation, federal spending per person remained around $3,500 throughout the 1990s.
The Congressional Budget Office said Wednesday that it expects the federal budget deficit to drop by $188 billion this fiscal year to $1.5 trillion, a short-lived dip as the annual shortfall is ...
The US budget deficit soared in fiscal year 2023, which will likely complicate Congress’ efforts to come to a federal spending deal before government funding runs out next month.
The federal budget deficit rose to $1.7 trillion in fiscal 2023, according to data released Friday by the Treasury Department. The gulf between how much money the federal government spent and made ...
An ex-post balanced budget requirement stipulates that a government must balance their budget by the end of each fiscal year, while an ex-ante balanced budget requirement dictates that a state must adopt a balanced budget at the beginning of each fiscal year. Ex-ante balanced budget requirements rely on estimates and assumptions about future ...
Last week's news that the United States hit the federal debt ceiling prompted the usual worries about its impact on government services and the economy, but it was hardly groundbreaking. Since ...