2023 US Federal Budget Infographic SimpleThe actual and projected budget deficit of the United States federal budget by the CBO
This article is part of a series on the
Budget and debt in the United States of America
Major dimensions
Economy
Expenditures
Federal budget
Financial position
Military budget
Public debt
Taxation
Unemployment
Gov't spending
Programs
Medicare
Social programs
Social Security
Contemporary issues
Bowles–Simpson Commission
Bush tax cuts
Debt ceiling
history
Deficit reduction
Fiscal cliff
Healthcare reform
Political debates
Social Security debate
"Starve the beast"
Subprime mortgage crisis
2007–2008 financial crisis
Debt-ceiling crises
2011
2013
2023
2013 budget sequestration
Government shutdowns
1980
1981, 1984, 1986
1990
1995–1996
2013
Jan 2018
2018–2019
Related events
2023 Removal of Kevin McCarthy
Terminology
Cumulative deficit + Interest ≈ Debt
Balance of payments
Inflation
Continuing resolution
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The United States budget comprises the spending and revenues of the U.S. federal government. The budget is the financial representation of the priorities of the government, reflecting historical debates and competing economic philosophies. The government primarily spends on healthcare, retirement, and defense programs. The non-partisan Congressional Budget Office provides extensive analysis of the budget and its economic effects. CBO estimated in February 2024 that Federal debt held by the public is projected to rise from 99 percent of GDP in 2024 to 116 percent in 2034 and would continue to grow if current laws generally remained unchanged. Over that period, the growth of interest costs and mandatory spending outpaces the growth of revenues and the economy, driving up debt. Those factors persist beyond 2034, pushing federal debt higher still, to 172 percent of GDP in 2054.[1]
The amount of U.S. public debt, measured as a percentage of GDP, held by the public since 1900
^"The Budget and Economic Outlook: 2024 to 2034". CBO. February 7, 2024. Retrieved February 7, 2024.
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