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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 United States federal budget is divided into three categories: mandatory spending, discretionary spending, and interest on debt. Also known as entitlement spending, in US fiscal policy, mandatory spending is government spending on certain programs that are required by law. [1]
The 50/15/5 rule is when you divide your after-tax income into categories -- 50% goes to essential expenses, 15% goes to retirement savings and 5% goes to short-term savings. What you do with...
The United States federal budget consists of mandatory expenditures (which includes Medicare and Social Security), discretionary spending for defense, Cabinet departments (e.g., Justice Department) and agencies (e.g., Securities & Exchange Commission ), and interest payments on debt.
The budget breaks your money up into three simple chunks: needs, wants and debt and savings. Sounds simple, right?
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