Budget Basics Archive

The lack of a long-term solution for federal funding for transportation creates uncertainty, which is disruptive for the planning of construction projects.
CBO was formally established as a nonpartisan agency, and that has been a critical and enduring part of the office's effectiveness.
Each year, through the budget process, the President and Congress have the opportunity to set priorities for the federal government, determining how much should be spent through appropriations for annually-funded programs, known as discretionary spending, and providing the opportunity to review entitlement programs and the tax code.
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 United States healthcare system is the most expensive in the world, and our healthcare costs are projected to keep rising. Despite these high costs, our health outcomes are generally no better than those of our peers, and in some cases are worse.
2013 Fall Fiscal Agenda: A Critical Time for Action; 4 upcoming milestones
2013 Fall Fiscal Agenda: A Critical Time for Action; 4 upcoming milestones
2013 Fall Fiscal Agenda: A Critical Time for Action; 4 upcoming milestones
2013 Fall Fiscal Agenda: A Critical Time for Action; 4 upcoming milestones
2013 Fall Fiscal Agenda: A Critical Time for Action; 4 upcoming milestones

What Does the Debt Mean for Our Future?

We all have a responsibility to build a brighter fiscal and economic future for the next generation.

National Debt Clock

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