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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.
CBO: U.S. Federal spending and revenue components for fiscal year 2023. Major expenditure categories are healthcare, Social Security, and defense; income and payroll taxes are the primary revenue sources. For most governments around the world, the majority of government spending takes place at the federal/national level.
Expenditures are classified as "mandatory", with payments required by specific laws to those meeting eligibility criteria (e.g., Social Security and Medicare), or "discretionary", with payment amounts renewed annually as part of the budget process. Around two thirds of federal spending is for "mandatory" programs.
President Donald Trump has ordered a 30-day freeze on 4.6 million government-issued credit cards as part of a larger effort to tighten federal spending. “This order commences a transformation in ...
Defense spending is the most volatile, as it is usually found to be higher in states with established defense contractors and other defense facilities. Areas of higher social insurance spending are typically seen in areas of larger elderly population. Social security is the dominant expenditure of per dollar federal expenditures.
“The instructions they have given necessitate huge cuts to health care — full stop,” Bobby Kogan, a senior director of federal budget policy at the Center for American Progress and a former ...
These appropriations bills are classified as discretionary spending, and make up around 22% of federal expenditures. The remainder is classified as mandatory spending, which includes programs such as Social Security and Medicare, as well as interest on debt. [2]
Federal Retirement programs for Federal and Civilian Military Retirees, Veterans programs, and various other programs that provide agricultural subsidies are also included in mandatory spending. Also included is smaller budgetary items, such as the salaries of Members of Congress and the President .