what is the federal government budget?
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The federal budget is the government's estimate of revenue and spending for each fiscal year. Like a family budget, the federal budget itemizes the expenditure of public funds for the upcoming fiscal year. ... Some budget expenses are mandatory spending such as money earmarked for Medicare.
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The budget funds five branches of the U.S. military: the Army, Marine Corps, Navy, Air Force and Space Force. For Fiscal Year 2020 (FY2020), the Department of Defense's budget authority is approximately $721.5 billion ($721,531,000,000).
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During FY2019, the federal government spent $4.45 trillion, up $338 billion or 7.1% vs. FY2018 spending of $4.11 trillion. Spending increased for all major categories and was mainly driven by higher spending for Social Security, net interest on the debt, and defense.
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Discretionary. Congress appropriates funds each year for agencies covered by the discretionary budget. For FY 2017, Congress appropriated $1.1 trillion, the limit set by sequestration (which is a method used by Congress to trim the budget). The Trump administration spent $1.08 trillion.
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Federal Government Fiscal Year It defines the U.S. government's budget. It runs from October 1 of the budget's prior year through September 30 of the year being described. 2﻿ For example: FY 2021 is between October 1, 2020 and September 30, 2021.
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Federal Government Fiscal Year It defines the U.S. government's budget. It runs from October 1 of the budget's prior year through September 30 of the year being described. ... FY 2021 is between October 1, 2020 and September 30, 2021. FY 2020 is the budget for October 1, 2019 through September 30, 2020.
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In fiscal year 2019, the federal government spent $4.4 trillion, amounting to 21 percent of the nation's gross domestic product (GDP). Of that $4.4 trillion, over $3.5 trillion was financed by federal revenues. The remaining amount ($984 billion) was financed by borrowing.
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It might surprise you to know that only about 2 cents of that dollar goes to education. How does the government arrive at that figure? Many of the expenditures in the federal budget are mandatory, like Social Security, Medicare, Medicaid, and servicing the national debt.
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For 2016, the NASA budget is $19.3 billion, out of $3.95 trillion in federal spending. That means the US devotes about 0.5% of its budget to all things space-related.
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The federal government distributed about $721 billion (about 16 percent of its budget) to states and localities in fiscal year 2019, providing about one-quarter of these governments' total revenues.
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NASA's budget for fiscal year (FY) 2020 is $22.6 billion. It represents 0.48% of the $4.7 trillion the United States plans to spend in the fiscal year. Since its inception, the United States has spent nearly US$650 billion (in nominal dollars) on NASA.
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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.
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The federal taxes you pay are used by the government to invest in technology and education, and to provide goods and services for the benefit of the American people. The three biggest categories of expenditures are: Major health programs, such as Medicare and Medicaid. Social security.
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Fiscal policy refers to the tax and spending policies of the federal government. Fiscal policy decisions are determined by the Congress and the Administration; the Fed plays no role in determining fiscal policy.
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During FY2018, the federal government spent $4.11 trillion, up $127 billion or 3.2% vs. FY2017 spending of $3.99 trillion. Spending increased for all major categories and was mainly driven by higher spending for Social Security, net interest on the debt, and defense.
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Federal Budget 101 In fiscal year 2015, the federal budget is $3.8 trillion. These trillions of dollars make up about 21 percent of the U.S. economy (as measured by Gross Domestic Product, or GDP). It's also about $12,000 for every woman, man and child in the United States.
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A budget is an estimation of revenue and expenses over a specified future period of time and is utilized by governments, businesses, and individuals. A budget is basically a financial plan for a defined period, normally a year.