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Social Security is the largest single program in the federal budget and makes up approximately one quarter of total federal spending.
Here are the top ten spending categories for the federal budget.
Increasing the debt limit allows the Treasury to borrow funds to pay for government obligations that have already been incurred as the result of laws and budgets approved by the President and Congress.
The United States spent $725 billion on national defense during fiscal year (FY) 2020 according to the Office of Management and Budget, which amounts to 11 percent of federal spending.
National security is both a vital priority and a significant part of the federal budget.
Reconciliation provides for expedited consideration of certain legislation; its use is particularly important in the Senate because it limits the time allowed for debate and prevents the inclusion of non-budgetary provisions.
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.
In May, the Administration released details for the proposed American Jobs Plan. It would be a massive investment in a range of national priorities including transportation, climate change, caregiving, and housing.
Presently, revenues raised by the corporate income tax represent the third-largest category of federal tax revenue in the United States, trailing those generated from the individual income and payroll taxes.