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Each year, some of the revenue the federal government collects comes from various taxes. In 2012, taxpayers paid almost $2.5 trillion, which the government used to partially fund $3.5 trillion worth of spending on Social Security, health care, and other programs in areas such as defense and education. The remainder of spending was funded through deficits.
Making changes to defense, health care and Social Security will help us reduce our debt, and also leave money to fund other critical responsibilities and invest in our future.
https://www.pgpf.org/budget-basics/the-other-20-of-federal-spending
America faces a growing crisis. Our federal government has accumulated a $13.6 trillion debt over the last few decades, and this debt is expected to grow significantly in coming years.
As policymakers consider how best to address our looming fiscal challenges, there is a growing debate about whether the U.S. can reduce defense spending without jeopardizing its national security.
Through easy-to-understand language and charts, the State of the Union’s Finances explains the enormous fiscal challenges we face, based on the official financial statements of the U.S. government.
https://www.pgpf.org/budget-basics/state-of-the-unions-finances
During the final debates, it's up to us to pay attention to how our presidential candidates’ plans could impact America's future. While the budget and economy were already major topics, the upcoming debates will highlight national security and a range of other issues — both foreign and domestic — that also have implications for our long-term fiscal health.
https://www.pgpf.org/budget-basics/how-does-our-debt-affect-americas-foreign-policy
The federal government is slated to borrow about $1.5 trillion this year, and that number is projected to nearly double over the next decade.
Here are the top ten spending categories for the federal budget.
https://www.pgpf.org/budget-basics/top-10-largest-budget-functions
The child tax credit (CTC) is a measure administered though the tax code that is designed to make raising children more affordable by easing the financial burden faced by families.
https://www.pgpf.org/budget-basics/what-is-the-child-tax-credit
Interest costs are on track to become the largest category of spending in the federal budget.
https://www.pgpf.org/budget-basics/what-are-interest-costs-on-the-national-debt