What was the total US government expenditures in 2020?

The federal government spent $6.6 trillion in fiscal year 2020 — or $19,962 per person.

What percentage of federal budget is discretionary?

Discretionary spending—the part of federal spending that lawmakers control through annual appropriation acts—totaled about $1.2 trillion in 2013, CBO estimates, or about 35 percent of federal outlays.

How much of the US budget goes to welfare?

The exclusively federal share of spending on these federal programs is up 32 percent since 2008, and now comprises 21 percent of federal outlays (this share too is more than Social Security, Medicare, or defense).

What was the US budget deficit in 2020?

$3.1 trillion
The federal deficit in 2020 was $3.1 trillion, equal to 14.9 percent of gross domestic product.

What is the largest revenue for the federal government?

Individual income taxes
Sources of Federal Revenues Individual income taxes are the largest single source of federal revenues, constituting one-half of such receipts. As a percentage of GDP, individual income taxes have ranged from 6 to 10 percent over the past 50 years, averaging 8 percent of GDP.

What does the federal budget really spend money on?

Federal Spending Breakdown Almost half of federal spending goes toward paying the benefits required by Social Security, Medicare, and Medicaid . These are part of mandatory spending, which are programs established by prior Acts of Congress. The interest payments on the national debt total $378 billion for FY 2021.

What is the largest expenditure in federal government?

What is the largest expenditure for the federal government? 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.

What are the types of government expenditure?

Government expenditure is a term used to describe money that a government spends. Expenditure occurs on every level of government, from local city councils to federal organizations. There are several different types of government expenditure, including the purchase and provision of goods and services, investments, and money transfers.

What do government expenditures include?

Public finance. Government spending or expenditure includes all government consumption, investment, and transfer payments. In national income accounting the acquisition by governments of goods and services for current use, to directly satisfy the individual or collective needs of the community, is classed as government final consumption expenditure.