What is the breakdown of US government spending?
What is the breakdown of US government spending?
The U.S. Treasury divides all federal spending into three groups: mandatory spending, discretionary spending and interest on debt. Mandatory and discretionary spending account for more than ninety percent of all federal spending, and pay for all of the government services and programs on which we rely.
Did the federal government have a surplus in 2008?
For fiscal years 2001 through 2008, the last full fiscal year before President Bush left office, the $3.5 trillion of surpluses that CBO had projected for these years turned into deficits of $2 trillion.
What are 4 of the largest items on which the federal government spends the money it raises?
The four main areas of federal spending are national defense, Social Security, healthcare, and interest payments, which together account for about 70% of all federal spending. When a government spends more than it collects in taxes, it is said to have a budget deficit.
How much did the government spend in 2009?
2009 United States federal budget
| Submitted | February 4, 2008 |
|---|---|
| Total expenditures | $3.107 trillion (estimated) $3.518 trillion (actual) 24.4% of GDP (actual) |
| Deficit | $407 billion (requested) $1.413 trillion (actual) 9.8% of GDP (actual) |
| Debt | $11.876 trillion (at fiscal end) 82.4% of GDP |
| GDP | $14.415 trillion |
What are 5 of the major expenses of the United States government?
Major expenditure categories are healthcare, Social Security, and defense; income and payroll taxes are the primary revenue sources.
When did the US have a surplus?
According to the Congressional Budget Office, the United States last had a budget surplus during fiscal year 2001.
What are 4 things the government spends money on that are part of mandatory spending?
Outlays for the nation’s three largest entitlement programs (Social Security, Medicare, and Medicaid) and for many smaller programs (unemployment compensation, retirement programs for federal employees, student loans, and deposit insurance, for example) are mandatory spending.
What are the top 3 things that the federal government spends its money on?
Military (Discretionary)