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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]
In the table, the fiscal years column lists all of the fiscal years the budget covers and the budget and budget per capita columns show the total for all those years. Note that a fiscal year is named for the calendar year in which it ends, so "2022-23" means two fiscal years: the one ending in calendar year 2022 and the one ending in calendar ...
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.
The plan is expected to cost about $1.3 billion annually and benefit residents over the age of 65 with incomes of not more than $500,000. ... Governor Phil Murphy's budget address for New Jersey's ...
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Case in point, state spending increased 54% over the past six years while personal income in New Jersey rose only 24%. Last year alone, the budget included $1.5 billion in pet projects or pork ...
The amount of budget authority and outlays for a fiscal year usually differ because the government can incur obligations for future years. This means that budget authority from a previous fiscal year can, in many cases, be used for expenditure of funds in future fiscal years; for example, a multi-year contract.
Speaker Mike Johnson (R-La.) last week also floated a proposal under which the House GOP conference would agree to raise the debt limit by $1.5 trillion in the first of two budget reconciliation ...