The Federal Budget: A Look at Recent Years
2020: Combined Discretionary, Mandatory, and Interest Spending
In fiscal year 2020, Congress budgeted a total of $7 trillion in combined discretionary, mandatory, and interest spending. This represents a significant increase from previous years.
Breakdown of Spending
The pie chart below shows the breakdown of this spending:
- Social Security: 24% - Medicare: 15% - Medicaid: 10% - Defense: 11% - Other: 40%
2023: Major Areas of Spending
In 2023, the federal budget is projected to be $6.8 trillion. The three major areas of spending will be:
- Social Security: 23% - Medicare: 16% - Medicaid: 11%
2022: Federal Deficit
In 2022, the federal deficit was $1.4 trillion, equal to 5.5% of gross domestic product (GDP). This is a significant increase from 2021, when the deficit was $2.8 trillion.
Conclusion
The federal budget is a complex and ever-changing document. The information provided in this article is just a snapshot of the budget in recent years.
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