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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]
The National Defense Authorization Act is an annual bill proposed in the United States Congress that redefines the United States military budget for the following fiscal year. Each chamber of Congress introduces a version of the NDAA for 2025. The House introduced H.R. 8070 on April 18 and sent it to the Senate on July 8 for consideration.
Treasury needs to borrow to pay the bills since the US spends more than it collects in revenue, resulting in a budget deficit. The nation’s debt currently stands at $36.2 trillion. Reforms for ...
As of 11 March 2024 the US Department of Defense fiscal year 2025 (FY2025) budget request was $849.8 billion. [a] On 20 December 2024 the House approved a Continuing Resolution to fund DoD and DoE operations at the FY2024 levels until 14 March 2025, at which time the Appropriations process for the NDAA is to be revisited by the 119th Congress. [4]
The Senate has yet to pass any of its annual funding bills for fiscal 2025, while the House passed about half of its 12 full-year spending plans. ... April if Congress doesn’t pass its fiscal ...
The 2024 budget, which includes $886 billion for national security, still has not passed Congress. The U.S. government is working under a continuing resolution - which caps spending at 2023 levels ...
As a result of the 2024 elections, the Republican Party retained its slim majority in the House, won the majority in the Senate, and upon the inauguration of Donald Trump on January 20, 2025, will have an overall federal government trifecta for the first time since the 115th Congress in 2017, which was in session during Trump's first term.
Budget committees set spending limits for the House and Senate committees and for Appropriations subcommittees, which then approve individual appropriations bills to allocate funding to various federal programs. [2] If Congress fails to pass an annual budget, then several appropriations bills must be passed as "stop gap" measures.