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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]
The identification of a fiscal year is the calendar year in which it ends; the current fiscal year is often written as "FY25" or "FY2024-25", which began on 1 October and will end on 30 September. In 1843, the federal government changed the fiscal year from a calendar year to one starting on 1 July, [ 68 ] which lasted until 1976.
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 federal government uses a fiscal year from Oct. 1 to Sept. 30, so companies doing a lot of business with the government may adopt a similar fiscal calendar.
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 ...
Mark your calendars! Monday, Jan. 27, is the official start to the 2025 tax season, the IRS said. That’s the first day the IRS will begin accepting tax returns for the 2024 tax year, but ...
On Saturday, 11 November, the US will honour military veterans of the United States Armed Forces for Veterans Day.. Every year, millions of Americans take 11 November off to celebrate soldiers for ...
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.