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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. The final funding package was passed as an omnibus spending bill, the Consolidated Appropriations Act, 2023.
The United States federal budget is divided into three categories: mandatory spending, discretionary spending, and interest on debt. Also known as entitlement spending, in US fiscal policy, mandatory spending is government spending on certain programs that are required by law. [1] Congress established mandatory programs under authorization laws.
During FY2018, the federal government spent $4.11 trillion, up $127 billion or 3.2% vs. FY2017 spending of $3.99 trillion. Spending increased for all major categories and was mainly driven by higher spending for Social Security, net interest on the debt, and defense. Spending as % GDP fell from 20.7% GDP to 20.3% GDP, equal to the 50-year average.
Aside from lopping off entire agencies, here are some examples of controversial federal spending that, based on Musk and Ramaswamy’s recent comments, could be in the line of fire for coming cuts:
Those pork projects will cost taxpayers about $1.1 billion if the bill passes in its current form, the Washington Examiner reported Tuesday. And that only scratches the surface.
Pork barrel, or simply pork, is a metaphor for the appropriation of government spending for localized projects secured solely or primarily to direct expenditures to a representative's district. The usage originated in American English , and it indicates a negotiated way of political particularism .
President Obama wants the ability to trim congressional pork barrel spending as part of new legislation he introduced Monday. The so-called "Reduce Unnecessary Spending Act of 2010" would allow ...
Expenditure to be borne by the government for the budgetary year. Unknown: suggested: Spending: spending: Provision for government spending under the budget, minus any debt payments. Example $10 trillion: Unknown: suggested: Tax cut: tax_cut: Provision for a tax cut in the budget, if any. Example 5% (income tax) Unknown: suggested: Debt payment ...