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.
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If the US reaches this limit and Congress doesn’t pass a bill to raise it, the government cannot repay its debts. Suddenly, investors would lose assurance that the Treasury would make good on its securities, which have long been considered the safest type of investment.
The government borrows money to cover this deficit, which increases the national debt. It’s the fourth most expensive spending category in the US budget.
Debt to the Penny is the total debt of the U.S. government and is reported daily. It is made up of intragovernmental holdings and debt held by the public.
Creating and passing the Federal Budget is a multistep process that begins nearly a year in advance. This site outlines how the different branches of government interact to craft the budget.
See an up-to-date accounting of how much money the US federal government has spent this fiscal year. This helpful and interactive webpage from the US Treasury Department gives an expansive overview of how the government has spent its money and how spending trends have evolved over time.
Modern monetary theory is a macroeconomic ideology that governments should spend money to solve problems without fearing the consequences of rising debt levels. Jon Stewart is joined by economists Stephanie Kelton and Rohan Grey to explain the theory and its relevance to fixing economic problems and wealth disparity in the United States today.
Nearly half of discretionary funding is allocated to national defense in the United States. The yearly expenditures account for around 35% of total military spending across the globe. Why are these figures so high? And have they always been so? This EconoFact Chat with Michael E. O’Hanlon of the Brookings Institution puts these numbers into historical and political perspective.
The modern American social safety net, which encompasses a large portion of mandatory federal spending, was created by Franklin D. Roosevelt’s New Deal policies of the 1930s. These responses to the crisis of the Great Depression forever altered the relationship between Americans and their government. Listen to this episode of the This is Democracy podcast to learn more about the New Deal, its origins, and its legacy today.
According to the Hoover Institution, the federal debt will reach 195% of GDP in 2050. Reducing the debt obligations of the United States will require complex political and fiscal decision making. Can you be the one to figure it out? Use the Hoover Institution’s interactive calculator to manipulate the budget and create a more sustainable economic future for the United States.
Explore USAFacts’ budget page to visualize how much the government spends and where. The site is a massive repository of government data, transformed into easily digestible visuals and topline takeaways..It provides up-to-date data on the nation's finances, including revenue, spending, deficits, and debt.
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.