Budget Basics Archive

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.
Sequestration is a process that cuts federal spending through across-the-board reductions.
Budget Explainer: What's at Stake with Discretionary Spending Cuts
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.
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.
Who Pays For Medicare?
The January 2013 fiscal cliff involves several components of tax cuts and spending provisions.
Most Medicaid dollars are spent on disabled and elderly beneficiaries, whose incomes and financial resources are low enough to qualify for the program.
Why Reform Our Corporate Tax Code?
Controlling our structural budget deficits will require major changes in budget policy.

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.