Budget Basics Archive

Here we take a closer look at excise taxes in the United States and examine how they fit into the federal budget.
Social Security is the largest single program in the federal budget and makes up approximately one quarter of total federal spending.
The U.S. spent $820 billion on national defense during fiscal year (FY) 2023 according to the Office of Management and Budget, which amounted to 13 percent of federal spending.
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.
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.
Interest costs are on track to become the largest category of spending in the federal budget.
Here are the top ten spending categories for the federal budget.
Sequestration is a budget procedure used by lawmakers to cancel or limit funding in order to meet budget goals.
Although the need for serious, long-term changes to the funding structure of the Highway Trust Fund is clear, there is disagreement over the approach to do so.
The earned income tax credit (EITC) is a measure administered through the tax code to address poverty.

Solutions Initiative 2024

Seven think tanks from across the ideological spectrum all agree that we are on an unsustainable fiscal path, and we need to change course.

National Debt Clock

See the latest numbers and learn more about the causes of our high and rising debt.