1/29/2024 0 Comments Deficit spending by yearTo see details on federal obligations, including a breakdown by budget function and object class, visit. Obligations do not always result in payments being made, which is why we show actual outlays that reflect actual spending occurring. As an example, an obligation occurs when a federal agency signs a contract, awards a grant, purchases a service, or takes other actions that require it to make a payment. This means the government promises to spend the money, either immediately or in the future. government enters a binding agreement called an obligation. When issuing a contract or grant, the U.S. This is money that has actually been paid out and not just promised to be paid. Throughout this page, we use outlays to represent spending. These purchases can also be classified by object class and budget functions. This spending can be broken down into two primary categories: mandatory and discretionary. Visit the national deficit explainer to see how the deficit and revenue compare to federal spending.įederal government spending pays for everything from Social Security and Medicare to military equipment, highway maintenance, building construction, research, and education. In fiscal year (FY), the government spent $, which was than it collected (revenue), resulting in a. If the government spends less than it collects in revenue, there is a budget surplus. If the government spends more than it collects in revenue, then there is a budget deficit. Consequently, as the debt grows, the spending on interest expense also generally grows. The federal government also spends money on the interest it has incurred on outstanding federal debt. The federal government spends money on a variety of goods, programs, and services that support the economy and people of the United States.
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