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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]
Will 2025 Be the Year of U.S. Fiscal Sanity? Veronique de Rugy. January 9, 2025 at 12:01 AM. ... adding further pressure to an already strained federal budget. Politically, it would be easy to ...
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.
During the 2024 fiscal year, the federal government spent $6.75 trillion dollars, ... 20% of the 2025 fiscal year budget was proportioned for social security, with 14% for national defense.
For the current fiscal year, the deficit will rise to $1.9 trillion, or 6.2% of GDP, as the federal government continues to spend more than it collects in revenue.
The Committee for a Responsible Federal Budget estimated that, partially as the result of the CARES Act, the budget deficit for fiscal year 2020 would increase to a record $3.8 trillion, or 18.7% GDP. [91]
In the most recent fiscal year, ending Sept. 30, 2024, interest costs were $882 billion, on par with the Department of Defense budget. Fiscal 2025 will see interest costs soaring well past $1 ...
Spending through the end of fiscal year 2013 is authorized by the Consolidated and Further Continuing Appropriations Act, 2013, signed into law by President Obama on March 26, 2013. [ 27 ] 2014 U.S. federal budget