How much did the government spend in 2013?
2013 United States federal budget
|Submitted||February 13, 2012|
|Total expenditures||$3.803 trillion (requested) $3.45 trillion (actual) 20.8% of GDP (actual)|
|Deficit||$901 billion (requested) 5.5% of GDP $680 billion (actual) 4.1% of GDP (actual)|
|Debt||$16.72 trillion (at fiscal end) 100.8% of GDP|
What are the 3 main expenditures for the federal government?
The U.S. Treasury divides all federal spending into three groups: mandatory spending, discretionary spending and interest on debt. Together, 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.
What is the federal budget def?
The federal budget is an itemized plan for the annual public expenditures of the United States. It is used to finance various federal expenses, ranging from paying federal employees to dispersing agricultural subsidies to paying for U.S. military equipment.
What are the three largest expenditures in the federal budget in 2015?
Mandatory Spending It also includes welfare programs such as Medicaid. Social Security will be the biggest expense, budgeted at $1.196 trillion. It’s followed by Medicare at $766 billion and Medicaid at $571 billion.
What was the budget deficit in 2012?
The Obama administration’s budget request contained $2.627 trillion in revenues and $3.729 trillion in outlays (expenditures) for 2012, for a deficit of $1.101 trillion.
How is the federal budget calculated?
To calculate the budget balance, we subtract the value of federal net outlays from the value of federal receipts. Because those receipts and outlays change with the overall level of economic activity, we divide their difference by GDP and multiply by 100 to show it at as annual percentage.
What category did the federal government spend the most on in 2015?
Health and Human Services – $80.3 billion. Education – $66.9 billion. Veterans Affairs – $65.1 billion. Homeland Security – $39.9 billion.
What percentage of my taxes go to the military?
In short, roughly 20 percent of the federal budget is dedicated to defense and security, which can be understood as the percent of tax dollars spent on the military. But if you are interested in this topic, make sure you read until the very end of the article to find out everything there is to know!
What was the federal deficit in 2016?
In 2016, the budget deficit rose for the first time in a number of years, totaling $587 billion—about one-third more than the $438 billion shortfall recorded in 2015. As a percentage of GDP, the deficit increased from 2.4 percent in 2015 to 3.2 percent, the first such increase since 2009.
How much economic damage has coronavirus caused?
The toll the COVID-19 pandemic has exacted on the global economy has been significant, with the International Monetary Fund (IMF) estimating that median global GDP dropped by 3.9% from 2019 to 2020, making it the worst economic downturn since the Great Depression.