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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.
CBO: U.S. Federal spending and revenue components for fiscal year 2023. Major expenditure categories are healthcare, Social Security, and defense; income and payroll taxes are the primary revenue sources. For most governments around the world, the majority of government spending takes place at the federal/national level.
The United States budget comprises the spending and revenues of the U.S. federal government.The budget is the financial representation of the priorities of the government, reflecting historical debates and competing economic philosophies.
Federal spending on other health related programs is also projected to increase as larger portions of the Affordable Care Act take effect. [3] By FY2025, based on CBO baseline projections, spending on Medicare, Medicaid and other major federal health care programs is projected to account for 31 percent of total federal spending.
Government spending or expenditure includes all government consumption, investment, and transfer payments. [ 1 ] [ 2 ] In national income accounting , the acquisition by governments of goods and services for current use, to directly satisfy the individual or collective needs of the community, is classed as government final consumption expenditure .
Defense spending is the most volatile, as it is usually found to be higher in states with established defense contractors and other defense facilities. Areas of higher social insurance spending are typically seen in areas of larger elderly population. Social security is the dominant expenditure of per dollar federal expenditures.
Global map of total central government revenues, as share of GDP, 2022 [1] Global map of total central government expenditures, as share of GDP, 2022 [2] This is the list of countries by government budget. The list includes sovereign states and self-governing dependent territories based upon the ISO standard ISO 3166-1.
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.