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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.
What is the 50/30/20 budget rule? This simple budgeting strategy involves setting aside 50 percent of your monthly income for needs, 30 percent for wants and 20 percent for savings.
The United States federal budget for fiscal year 2023 ran from October 1, 2022, to September 30, 2023. The government was initially funded through a series of three temporary continuing resolutions. The final funding package was passed as an omnibus spending bill, the Consolidated Appropriations Act, 2023.
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. This is currently over half of U.S. government spending, the remainder coming from state and local governments.
The Average Monthly Retirement Budget Is $4,345 — Can Boomers Live Off That? Caitlyn Moorhead September 8, 2024 at 8:00 AM Wavebreakmedia / Getty Images/iStockphoto
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