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What are the 3 largest categories of federal government spending?

What are the 3 largest categories of federal 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.

Where does most of the US budget go?

More than half of FY 2019 discretionary spending went for national defense, and most of the rest went for domestic programs, including transportation, education and training, veterans’ benefits, income security, and health care (figure 4).

How much does the government spend on Social Security 2020?

In FY 2020 the federal government spent $1,096 billion on Social Security.

What are the two largest categories in federal government spending?

Federal spending can be divided into three general categories: mandatory, discretionary, and interest on the debt. Mandatory spending has numerous parts, but the largest ones are major healthcare programs (Medicare and Medicaid) and Social Security.

How much is the US budget for 2021?

BUDGET PROJECTIONS FOR FY 2021

OUTLAYS $6.8 Trillion
REVENUES $3.8 Trillion
DEFICIT $3.0 Trillion
DEBT HELD BY THE PUBLIC (End of Fiscal Year) $23.0 Trillion

How much is the 2020 federal budget?

The federal budget for the 2020 fiscal year was set at $4.79 trillion.

What does the US government spend the most money on?

As Figure A suggests, Social Security is the single largest mandatory spending item, taking up 38% or nearly $1,050 billion of the $2,736 billion total. The next largest expenditures are Medicare and Income Security, with the remaining amount going to Medicaid, Veterans Benefits, and other programs.

What is the largest expense in the US government?

The largest expenditure of the U.S. Federal government is for: Education. National defense. Pensions and income security. Interest on public debt.

What is the current US federal budget deficit?

The deficit occurs because the U.S. government spending of $4.75 trillion is higher than its revenue of $3.65 trillion. The deficit is 1% greater than last year. The FY 2019 budget created a $1.09 trillion deficit.

What is the United States expenditures?

Updated June 25, 2019. Current U.S. government spending is $4.746 trillion. That’s the federal budget for fiscal year 2020 covering October 1, 2019, to September 30, 2020. It’s 21% of gross domestic product according to the Office of Management and Budget Report for FY 2020.

What is the United States budget?

The Federal Budget in 2019: An Infographic. April 15, 2020. Graphic. The federal deficit in 2019 was $984 billion, equal to 4.6 percent of gross domestic product. Learn more about the deficit with a new interactive version of the infographic.