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In the United States, the federal government's fiscal year is the 12-month period beginning 1 October and ending 30 September the following year. The identification of a fiscal year is the calendar year in which it ends; the current fiscal year is often written as "FY25" or "FY2024-25", which began on 1 October and will end on 30 September.
The Treasury Department also produces a Combined Statement of Receipts, Outlays, and Balances each December for the preceding fiscal year, which provides detailed data on federal financial activities. Historical tables within the President's Budget (OMB) provide a wide range of data on federal government finances.
Under the United States budget process established in 1921, the US government is funded by twelve appropriations bills that are formed as a response to the presidential budget request submitted to congress in the first few months of the calendar year. The various legislators in the two chambers of congress negotiate over the precise details of ...
The United States federal budget for fiscal year 2024 ran from October 1, 2023, to September 30, 2024. From October 1, 2023, to March 23, 2024, the federal government operated under continuing resolutions (CR) that extended 2023 budget spending levels as legislators were debating the specific provisions of the 2024 budget.
A balanced budget is when government spending in a given year equals government revenue in that year. [23] [24] This high degree of fiscal balancing is a result of most states in the U.S. having balanced budget requirements. [25]
The United States federal budget for fiscal year 2020 ran from October 1, 2019 to September 30, 2020. The government was initially funded through a series of two temporary continuing resolutions . The final funding package was passed as two consolidated spending bills in December 2019, the Consolidated Appropriations Act, 2020 ( H.R. 1158 ) and ...
The fiscal year refers to the year in which it ends. For fiscal year (FY) 2018, the federal government spent $4.11 trillion. Spending equaled 20.3% of gross domestic product (GDP), equal to the 50-year average. [40] The deficit equaled $779 billion, 3.8 percent of GDP.
The United States federal budget for fiscal year 2022 ran from October 1, 2021, to September 30, 2022. The government was initially funded through a series of four temporary continuing resolutions . The final funding package was passed as an omnibus spending bill , the Consolidated Appropriations Act, 2022 .