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Terminology. v. t. e. 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. The government primarily spends on healthcare, retirement, and defense programs.
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.
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.
On March 16, 2017, President Trump sent his budget proposal to Congress, remaining largely unchanged from the initial proposal. [7] The OMB estimated FY2018 would involve outlays of $4.094 trillion and revenues of $3.654 trillion, a $440 billion deficit. The 2018–2027 period planned $48.901T in outlays and $45.751T in revenues, a $3.15T deficit.
Yet again, the federal government spent far more than it collected in revenue, racking up a budget deficit of $1.8 trillion for fiscal year 2024, according to the Congressional Budget Office.
The United States federal budget for fiscal year 2021 ran from October 1, 2020 to September 30, 2021. The government was initially funded through a series of five temporary continuing resolutions. The final funding package was passed as a consolidated spending bill on December 27, 2020, the Consolidated Appropriations Act, 2021.
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 2014 United States federal budget is the budget to fund government operations for the fiscal year (FY) 2014, which began on October 1, 2013 and ended on September 30, 2014. President Obama submitted the FY2014 budget proposal on April 10, 2013, two months past the February 4 legal deadline due to negotiations over the United States fiscal ...