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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. The government primarily spends on healthcare, retirement, and defense programs.
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.
The federal budget is representation of the financial plan for the goals and activities of the government which in turn reflects the debates surrounding the various economical principles and ideas. It is the main means of the redistribution of the national income and gross domestic product to meet the needs necessary in order for economic ...
Mandatory spending. The United States federal budget is divided into three categories: mandatory spending, discretionary spending, and interest on debt. Also known as entitlement spending, in US fiscal policy, mandatory spending is government spending on certain programs that are required by law. [ 1 ]
Government budget. A government budget is a projection of the government's revenues and expenditure for a particular period, often referred to as a financial or fiscal year, which may or may not correspond with the calendar year. Government revenues mostly include taxes (e.g. inheritance tax, income tax, corporation tax, import taxes) while ...
The United States federal budget consists of mandatory expenditures (which includes Medicare and Social Security), discretionary spending for defense, Cabinet departments (e.g., Justice Department) and agencies (e.g., Securities & Exchange Commission), and interest payments on debt.
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.
2019(2019)Budget of the United States federal government. The United States federal budget for fiscal year 2019 ran from October 1, 2018, to September 30, 2019. Five appropriation bills were passed in September 2018, the first time five bills had been enacted on time in 22 years, with the rest of the government being funded through a series of ...