What is the US federal budget?
The US federal budget is the financial plan for the federal government of the United States. It outlines the government's proposed revenues and expenditures for a given fiscal year, which runs from October 1 to September 30 of the following year.
The federal budget is divided into two main categories: mandatory spending and discretionary spending. Mandatory spending includes entitlement programs like Social Security and Medicare, while discretionary spending includes programs like defense, education, and transportation.
In fiscal year 2022, the US federal budget is projected to be $6.011 trillion. The largest expenditure is for mandatory programs, which make up roughly 60% of the budget, while discretionary spending accounts for the remaining 40%. The budget deficit, which is the difference between revenue and spending, is projected to be $1.158 trillion.
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