How much has the US government spent this fiscal year?
The US government has made a significant investment of $0.47 trillion during fiscal year 2023 to prioritize the welfare and prosperity of the American people.
Fiscal year-to-date (since October 2022) total updated monthly using the Monthly Treasury Statement (MTS) dataset.
US Spending By Year
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Everything you need to know about US Government Spending
What is Federal Spending?
The cost incurred by the American federal government to acquire goods and services for its citizens and economic growth is known as federal spending. The cost of paying interest on the nation's outstanding debt is another expenditure for the federal government. Because of this, the cost of interest often rises in direct ratio to the debt load.
Who Controls Federal Government Spending?
The United States Congress is largely responsible for controlling federal spending. According to the Constitution, Congress has the privilege to claim and allot funds for government projects, programs, and services. The financial process involves both the House of Representatives and the Senate in a substantial way. Annual appropriations bills must be authorized by Congress in order to fund various departments and operations of the government. Even while he can veto bills and provide budget proposals, the President ultimately depends on Congress to authorize and approve funding for the federal government.
What is Mandatory Spending in Federal Spending?
Mandatory spending refers to government expenses that are determined by laws and entitlement programs, such as Social Security, Medicare, and Medicaid. These programs provide benefits to eligible individuals, and the spending on them is required by law, without needing annual appropriations from Congress.
What is Discretionary Spending in Federal Spending?
Spending that is officially approved by Congress and the President each year during the budgetary process is known as discretionary spending. Congress typically invests more than 50 percent of the discretionary budget for national defense, leaving the remaining budgets to run other departments and programs. These initiatives include institutions dedicated to research and the environment as well as programs for housing, social services, education, and transportation.
What is Supplemental Spending in Federal Spending?
Supplemental spending refers to additional funding allocated by Congress outside of the regular budgetary process. It is typically used to address unforeseen or urgent needs, such as natural disasters, military operations, or economic stimulus measures. Supplemental spending is approved separately from the annual appropriations and is intended to supplement existing funding levels.
What are the Spending Trends over Time and the US Economy?
As per the statistic for the fiscal year 2022, we can notice that $6.27 trillion was spent by the federal government. This shows that in that particular year, the federal expenditure made up 25% of the whole GDP, or economic activity, of the United States. One of the main objectives for comparing federal spending to GDP is to acquire a bar for the ratio of federal spending to the entire national economic growth.