Which US department has the largest budget?
The departments with the three largest budgets—HHS, Defense, and the Treasury—accounted for about three-fourths of the spending by all the departments. The next three largest departments were Agriculture, Labor, and Veterans Affairs.
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. Together, 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.
How much does the federal government spend each year?
The federal government spent $6.8 trillion in FY2021 — or $20,634 per person. Medicare, Social Security, defense and veterans, debt interest, plus assistance like stimulus checks and unemployment insurance accounted for 80.5% of spending. This includes funding distributed to states.
What is the largest revenue for the federal government?
The individual income tax
The individual income tax has been the largest single source of federal revenue since 1950, amounting to about 50 percent of the total and 8.1 percent of GDP in 2019 (figure 3).
What percentage of the US federal budget goes to the military?
About one-sixth of federal spending goes to national defense. CBO estimates the budgetary effects of legislation related to national security and assesses the cost-effectiveness of current and proposed defense programs. CBO also analyzes federal programs and issues related to veterans.
What are the four largest sources of revenue for the federal government?
The rest comes from a mix of sources.
- TOTAL REVENUES.
- INDIVIDUAL INCOME TAX.
- CORPORATE INCOME TAX.
- SOCIAL INSURANCE (PAYROLL) TAXES.
- FEDERAL EXCISE TAXES.
- OTHER REVENUES.
- SHARES OF TOTAL REVENUE.
- Updated May 2020.
What percentage of the US budget is spent by the government?
Current U.S. government spending is $4.407 trillion. That’s the federal budget for the fiscal year 2019 (October 1, 2018, to September 30, 2019). It’s 21 percent of the gross domestic product. Before the recession, the government kept federal spending below 20 percent of GDP.
How much did the US government spend in 2020?
U.S. Federal Spending | U.S. Treasury Data Lab In 2020, the government spent $6.55 trillion. Data Sources and Methodology Monthly Treasury Statement (MTS)
Why is government spending increasing?
Why Spending Is Increasing. Before the recession, the government kept federal spending below 20% of GDP. It grew no faster than the economy, around 2% to 3% per year. During the recession, spending grew to a record 24.3% of GDP in FY 2012. This increase was due to economic stimulus and two overseas wars.
When is the budget year for the US?
Annual U.S. spending 1930–2014 alongside U.S. GDP for comparison. Federal, state, and local spending history. The budget year runs from October 1 to September 30 the following year and is submitted by the President to Congress prior to October for the following year. In this way the budget of 2013 is submitted before the end of September 2012.