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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.
Breakdown of discretionary outlays of US Federal Government for 2023. Figure B – Fiscal Year 2019 Discretionary Spending Breakdown as a percentage of total expected expenditures. Data from U.S. Office of Management and Budget archives.
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.
Transfer payments to (persons) as a percent of Federal revenue in the United States Transfer payments to (persons + business) in the United States. CBO projects that spending for Social Security, healthcare programs and interest costs will rise relative to GDP between 2017 and 2027, while defense and other discretionary spending will decline relative to GDP.
Congress is supposed to pass 12 annual appropriations bills — also known as spending or government funding bills — by October 1, the start of the new fiscal year. But this rarely happens.
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. In 1843, the federal government changed the fiscal year from a calendar year to one starting on 1 July, [68] which lasted until 1976
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 federal government's fiscal quarters operate slightly differently. For example, here is how the next fiscal year breaks down: First quarter (Q1): Oct. 1 through Dec. 31