The US federal budget outlines how the government plans to both raise revenue and spend it in a given fiscal year. The US government, which employs around three million individuals across over 400 federal agencies, utilizes the budget to reflect its priorities and policy goals and to allocate resources to various programs.
Hours of research by our editors, distilled into minutes of clarity.
About 50 percent of federal revenue comes from individual income taxes, 7 percent from corporate income taxes, and another 36 percent from payroll taxes that fund social insurance programs. See breakdown in charts here.
Modern Monetary Theory is a macroeconomic theory that says government spending should not be restrained by fears of rising debt. Here's a breakdown of how the theory works.
This conceptual strategy was first proposed in 2011 as a potential alternative to raising the US debt ceiling. Although there were several high-profile proponents of the idea, it was eventually rejected in 2013 by Treasury Department and Federal Reserve officials.
Gross domestic product estimates the value of goods and services produced in a country, typically through the expenditure method, which adds up spending by consumers, investors and governments with the value of exports. The top five economies are the US, China, Germany, Japan and India.
The EPA spent $13.7B in 2024, making it 23rd among federal agencies in total expenditures. Of that money, more than half was distributed to state environmental agencies for sustainability and environmental protection programs.
Tracking began in 1939, when the federal workforce consisted of about 1 million people. The total peaked in 1990 at 3.4 million, and hit a recent low in 2014 at 2.7 million.
The $2 bill isn’t rare; it’s just hiding. First printed in 1862, stopped in 1966, and revived in 1976, there are still 1.6 billion in circulation. People just don’t spend them.
On March 20, 2025, President Donald Trump issued an executive order to “take all necessary steps to facilitate the closure” of the U.S. Department of Education, though complete dismantlement requires congressional approval.
The Department of Education contributes about 8% of K–12 funding and administers targeted grants, civil‑rights enforcement, research, and data collection. Crucially, it is legally prohibited from directing curriculum, personnel decisions, or instructional content, leaving that control to states and districts.
This photo collection traces the US shift from community and private schooling to federal oversight and ongoing political debates about the Department of Education.
The United States is home to more than 33 million businesses, the vast majority of which are small businesses, with millions being created (and others closing shop) every year. These businesses often rely on loans, provide the goods and services that keep the economy flowing, and sometimes even grow large enough to enter public markets or provide private investment opportunities. Explore key topics central to business and finance, from the role of the Federal Reserve to how initial public offerings work, how millions of American students finance higher education, and more.