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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 ]
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.
By 2019, federal spending was more than 20% of GDP, while state and local spending hovered around 17% of GDP. [18] [20] As a result, in recent years, state and local governments account for approximately 45% of total government expenditures. [8] State and local government spending is typically spent in 6 broad categories: elementary and ...
But taking that big a chunk out of federal spending would be a tall order, experts say. Much of the money supports mandatory programs, which must be funded in accordance with existing laws.
The monitoring of federal spending and taxation and its variation between states in the United States began in 1977 under a query run by Daniel Patrick Moynihan, Democratic senator of New York. The query was designed to determine whether the state of New York was paying more in taxes than it was receiving in federal spending.
Mandatory spending of the US Federal Government in 2023 Breakdown of discretionary outlays of US Federal Government for 2023 CBO projections of U.S. Federal spending as % GDP 2014-2024 A timeline showing projected debt milestones from the CBO Social Security – Ratio of Covered Workers to Retirees. Over time, there will be fewer workers per ...
Cutting spending in a major way is simply not possible without putting so-called "mandatory spending" for entitlements on the block, as those line items already cost more than $4 trillion and are ...
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.