Budget Basics Archive

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.
Medicaid’s role in state budgets is unique, since the program acts as both an expenditure and the largest source of federal support in state budgets.
Tax expenditures can come in the form of exclusions, exemptions, deductions, and credits.
Public schools for students in kindergarten through 12th grade are financed through a combination of local, state, and federal dollars in proportions that vary across and within states.
This budget explainer describes what Medicaid is, how it is financed, and who benefits from it.
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.
Interest costs are on track to become the largest category of spending in the federal budget.
Most working Americans are subject to payroll taxes, which are usually deducted automatically from an employee’s paycheck. Employers are also often subject to these types of taxes.
The United States spent $766 billion on national defense during fiscal year (FY) 2022 according to the Office of Management and Budget, which amounted to 12 percent of federal spending.

Expert Views: Fiscal Commission

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National Debt Clock

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