Budget Basics: The Elements
Controlling our structural budget deficits will require major changes in budget policy.
https://www.pgpf.org/budget-basics/state-of-the-unions-finances/the-elements
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Controlling our structural budget deficits will require major changes in budget policy.
https://www.pgpf.org/budget-basics/state-of-the-unions-finances/the-elements
The U.S. spent $187 billion on interest payments alone in 2009.
While a 10-year window is currently the standard, the number of years covered by budget resolutions has varied.
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
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.
The January 2013 fiscal cliff involves several components of tax cuts and spending provisions.
Budget Explainer: What's at Stake with Discretionary Spending Cuts
https://www.pgpf.org/budget-basics/budget-explainer-whats-at-stake-with-discretionary-spending-cuts
Sequestration is a process that cuts federal spending through across-the-board reductions.
https://www.pgpf.org/budget-basics/what-you-should-know-about-the-sequester
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.