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Each year, the President of the United States submits a budget request to Congress for the following fiscal year as required by the Budget and Accounting Act of 1921. Current law ( 31 U.S.C. § 1105 (a)) requires the president to submit a budget no earlier than the first Monday in January, and no later than the first Monday in February.
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.
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]
Social Security and Medicare accounted for 35% of the $6.75 trillion federal budget in the last fiscal year and are projected to equal 43% of the budget 10 years from now, according to the ...
The estimate, which precedes the U.S. Treasury Department's year-end budget report later this month, shows a deficit up 11% from the $1.7 trillion fiscal 2023 gap but slightly lower than the $1.9 ...
The deficit for the first two months of the 2025 fiscal year also was a record high for that period - higher than the deficits of the COVID-19 era - reaching $624 billion, up $244 billion, or 64% ...
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.
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.