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.
Before the Budget and Accounting Act of 1921, the funding of government operations in the United States was a chaotic and unorganized process. This page from the Brookings Institute provides a narrative accounting of how the process that led to the government to revise and standardize its budgeting process.
Article I, Section 8, Clause 1 of the US Constitution, known as the Spending Clause, gives Congress the power to collect taxes to pay debts and “provide for the common defence and general welfare of the United States.” This is one of the most important powers granted to Congress and gives them the power to largely control the Federal budget.
NASA's annual budget consists mainly of human spaceflight activities (50%) and robotics and scientific research programs (30%). It peaked at almost $70B in 1964, but has been less than $30B since 1995, coming from discretionary non-defense funds.
The Securities and Exchange Commission was created during the Great Depression to restore public trust in financial markets after the 1929 crash. Established in 1934, it enforces transparency, investigates fraud, and protects investors by requiring companies to disclose accurate information and holding violators accountable.
There have been 21 shutdowns of the federal government in US history, a result of Congress's failure to pass appropriations bills in time. While the cause of most of the shutdowns stems from issues around the national debt and budget, a few originated in fights over unrelated policies. Dive into the history of each one with this comprehensive list.
Roughly a quarter of the US federal government's spending must be approved annually through a set of 12 appropriations bills in Congress. When they aren't, a government shutdown ensues, where federal agencies are legally barred from spending any further money on nonessentials. This explainer covers the basics of government shutdowns and their impact on the broader culture.
The US Treasury regularly publishes updated data on the federal budget, and this site hosts visualizations of that data. See reports on spending, revenues, deficits, and where the national debt stands.
An obscure US Mint law permitting it to create platinum coins of any amount surfaced as a possible means of quickly paying down the national debt. Here's an explanation from the creator of the idea.
The US national debt is over $31T, the largest it’s ever been. Learn how the national debt grew to that level and what it means for US economic growth with charts and simple explanations.
The debt ceiling periodically takes center stage as Congress debates whether to increase or suspend this self-imposed limit on its borrowing authority. Learn the basics on this crucial feature of US fiscal policy with this Q&A.
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.