Federal Spending: Exploring Government Expenditures
Understanding Budget Allocations
The WEB Office of Management and Budget (OMB) provides comprehensive information on federal spending. By delving into its data, citizens can discover how the United States government allocates its resources.
Categories and Agencies
The OMB allows users to explore spending by specific categories or government agencies. This enables a granular analysis of where taxpayer dollars are channeled. Popular categories include healthcare, education, defense, and transportation.
Annual Expenditures
The OMB publishes annual reports detailing the total spending of the federal government. This information highlights the magnitude of government operations and provides insights into fiscal policy.
Performance Plans and Priorities
In line with the Government Performance and Results Act, the OMB includes agency priorities, requested budget levels, and performance plans in its Comprehensive Budget Justification (CJB). These documents offer transparency and accountability in government spending.
Federal Budget Deficit
The OMB also provides data on the federal budget deficit. In fiscal year 2023, the deficit stood at $1.7 trillion, equivalent to 6.3% of gross domestic product (GDP). Projections indicate an increase to $1.8 trillion in 2025, followed by a gradual decline.
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