2023 United States federal budget

Last updated
2023 (2023) Budget of the United States federal government [1]
Total revenue$4.439 trillion (actual) [1] 16.5% of GDP [1]
Total expenditures$6.134 trillion (actual) [1] 22.8% of GDP [1]
Deficit $1.695 trillion (actual) [1]
6.3% of GDP [1]
  2022
2024
Federal Government annual spending and revenue
.mw-parser-output .legend{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .legend-color{display:inline-block;min-width:1.25em;height:1.25em;line-height:1.25;margin:1px 0;text-align:center;border:1px solid black;background-color:transparent;color:black}.mw-parser-output .legend-text{}
Federal spending
Tax revenue Federal Government annual spending and revenue.webp
Federal Government annual spending and revenue

The United States federal budget for fiscal year 2023 ran from October 1, 2022, to September 30, 2023. The government was initially funded through a series of three temporary continuing resolutions. The final funding package was passed as an omnibus spending bill, the Consolidated Appropriations Act, 2023.

Contents

Background

Under the United States budget process established in 1921, the US government is funded by twelve appropriations bills that are formed as a response to the presidential budget request submitted to congress in the first few months of the calendar year. The various legislators in the two chambers of congress negotiate over the precise details of the various appropriations bills. In some politically contentious years when these negotiation processes deadlock, the Legislative Branch passes a continuing resolution that essentially extends the current funding levels into the new fiscal year until a budget can be agreed upon by a majority of both houses and signed into law by the President of the United States. Supplemental appropriations bills can provide additional appropriations for emergencies and other matters.

These appropriations bills are classified as discretionary spending, and make up around 22% of federal expenditures. The remainder is classified as mandatory spending, which includes programs such as Social Security and Medicare, as well as interest on debt. [2]

Budget proposal

The Biden administration budget proposal was released in March 2022. [3]

Appropriations legislation

A series of three continuing resolutions were passed to initially fund government operations: [4]

All 12 appropriations bills were enacted as a part of the Consolidated Appropriations Act, 2023, a $1.7 trillion omnibus spending bill that was signed by President Joe Biden on December 29, 2022. The bill also included supplemental appropriations for disaster relief and additional aid to Ukraine.

Related Research Articles

In the United States, a continuing resolution is a type of appropriations legislation. An appropriations bill is a bill that appropriates money to specific federal government departments, agencies, and programs. The money provides funding for operations, personnel, equipment, and activities. Regular appropriations bills are passed annually, with the funding they provide covering one fiscal year. The fiscal year is the accounting period of the federal government, which runs from October 1 to September 30 of the following year.

The 2011 United States federal budget was the United States federal budget to fund government operations for the fiscal year 2011. The budget was the subject of a spending request by President Barack Obama. The actual appropriations for Fiscal Year 2011 had to be authorized by the full Congress before it could take effect, according to the U.S. budget process.

The 2014 United States federal budget is the budget to fund government operations for the fiscal year (FY) 2014, which began on October 1, 2013 and ended on September 30, 2014.

<span class="mw-page-title-main">Consolidated Appropriations Act, 2014</span> United States bill

The Consolidated Appropriations Act, 2014 is an omnibus spending bill that packages several appropriation bills together in one larger bill. The 113th United States Congress failed to pass any of the twelve regular appropriations bills before the beginning of Fiscal Year 2014. The Continuing Appropriations Act, 2014 temporarily funded the government from October 1, 2013 to January 15, 2014. A second continuing resolution extended funding until January 18, 2014, giving both the House and the Senate enough time to vote on this bill.

<span class="mw-page-title-main">Making further continuing appropriations for fiscal year 2014</span> Funding measure in the United States

The bill H.J.Res. 106 is a continuing resolution that was introduced into the United States House of Representatives during the 113th United States Congress and was signed into law on January 15, 2014 by President Barack Obama. The bill amended the Continuing Appropriations Act, 2014 to extend the time-period of funding provided by that continuing resolution from January 15, 2014 to January 18, 2014. The extension was intended to give Congress the extra time it needed to pass the Consolidated Appropriations Act, 2014, which would provide the rest of the appropriations for fiscal year 2014. The fiscal year in the United States is the 12-month period beginning on October 1 and ending on September 30 of the next calendar year.

<span class="mw-page-title-main">Appropriations bill (United States)</span> Bill which allocates government spending

In the United States Congress, an appropriations bill is legislation to appropriate federal funds to specific federal government departments, agencies and programs. The money provides funding for operations, personnel, equipment and activities. Regular appropriations bills are passed annually, with the funding they provide covering one fiscal year. The fiscal year is the accounting period of the federal government, which runs from October 1 to September 30 of the following year. Appropriations bills are under the jurisdiction of the United States House Committee on Appropriations and the United States Senate Committee on Appropriations. Both committees have twelve matching subcommittees, each tasked with working on one of the twelve annual regular appropriations bills.

<span class="mw-page-title-main">Continuing Appropriations Resolution, 2015</span>

The Continuing Appropriations Resolution, 2015 is a continuing resolution and United States public law that funded the federal government of the United States through December 11, 2014 by appropriating $1 trillion.

The United States Federal Budget for fiscal year 2016 began as a budget proposed by President Barack Obama to fund government operations for October 1, 2015 – September 30, 2016. The requested budget was submitted to the 114th Congress on February 2, 2015.

<span class="mw-page-title-main">Consolidated Appropriations Act, 2016</span> Omnibus spending bill, passed by the US Congress in 2015

The Consolidated Appropriations Act, 2016, also known as the 2016 omnibus spending bill, is the United States appropriations legislation passed during the 114th Congress which provides spending permission to a number of federal agencies for the fiscal year of 2016. The bill authorizes $1.1 trillion in spending, as well as $700 billion in tax breaks. The bill provides funding to the federal government through September 30, 2016.

The 2017 United States federal budget is the United States federal budget for fiscal year 2017, which lasted from October 1, 2016 to September 30, 2017. President Barack Obama submitted a budget proposal to the 114th Congress on February 9, 2016. The 2017 fiscal year overlaps the end of the Obama administration and the beginning of the Trump administration.

<span class="mw-page-title-main">Further Continuing and Security Assistance Appropriations Act, 2017</span>

The Further Continuing and Security Assistance Appropriations Act, 2017 is a continuing resolution that extended fiscal year 2017 funding for the United States federal government from December 9, 2016 until April 28, 2017. The bill contains a boost to defense spending as well as bipartisan health programs.

<span class="mw-page-title-main">2018 United States federal budget</span>

The United States federal budget for fiscal year 2018, which ran from October 1, 2017, to September 30, 2018, was named America First: A Budget Blueprint to Make America Great Again. It was the first budget proposed by newly elected president Donald Trump, submitted to the 115th Congress on March 16, 2017.

The United States federal budget for fiscal year 2019 ran from October 1, 2018, to September 30, 2019. Five appropriation bills were passed in September 2018, the first time five bills had been enacted on time in 22 years, with the rest of the government being funded through a series of three continuing resolutions. A gap between the second and third of these led to the 2018–19 federal government shutdown. The remainder of government funding was enacted as an omnibus spending bill in February 2019.

The United States federal budget for fiscal year 2020 ran from October 1, 2019 to September 30, 2020. The government was initially funded through a series of two temporary continuing resolutions. The final funding package was passed as two consolidated spending bills in December 2019, the Consolidated Appropriations Act, 2020 and the Further Consolidated Appropriations Act, 2020. A series of supplemental appropriations bills were passed beginning in March 2020 in response to the COVID-19 pandemic.

<span class="mw-page-title-main">2021 United States federal budget</span>

The United States federal budget for fiscal year 2021 ran from October 1, 2020 to September 30, 2021. The government was initially funded through a series of five temporary continuing resolutions. The final funding package was passed as a consolidated spending bill on December 27, 2020, the Consolidated Appropriations Act, 2021. The American Rescue Plan Act of 2021 was passed as the budget reconciliation bill for FY2021.

<span class="mw-page-title-main">2022 United States federal budget</span>

The United States federal budget for fiscal year 2022 ran from October 1, 2021, to September 30, 2022. The government was initially funded through a series of four temporary continuing resolutions. The final funding package was passed as an omnibus spending bill, the Consolidated Appropriations Act, 2022. The Inflation Reduction Act was passed as the budget reconciliation bill for FY2022.

<span class="mw-page-title-main">Consolidated Appropriations Act, 2022</span> Spending legislation in the United States

Consolidated Appropriations Act, 2022 is a $1.5 trillion omnibus spending bill passed by the 117th United States Congress on March 14, 2022 and signed into law by President Joe Biden the following day.

<span class="mw-page-title-main">Consolidated Appropriations Act, 2023</span> US omnibus spending bill

The Consolidated Appropriations Act, 2023 is a $1.7 trillion omnibus spending bill funding the U.S. federal government for the 2023 fiscal year. It includes funding for a range of domestic and foreign policy priorities, including support for Ukraine, defense spending, and aid for regions affected by natural disasters. It also includes provisions related to advanced transportation research, health care, electoral reform, and restrictions on the use of the social media app TikTok.

The United States federal budget for fiscal year 2024 ran from October 1, 2023, to September 30, 2024.

The United States federal budget for fiscal year 2025 runs from October 1, 2024, to September 30, 2025.

References

  1. 1 2 3 4 5 6 7 "Joint Statement of Janet L. Yellen, Secretary of the Treasury, and Shalanda D. Young, Director of the Office of Management and Budget, on Budget Results for Fiscal Year 2023". U.S. Department of the Treasury. October 20, 2023. Retrieved December 3, 2023.
  2. Street, 351 Pleasant; MA, Suite B. #442 Northampton. "Federal Spending: Where Does the Money Go". National Priorities Project. Retrieved 2024-03-27.{{cite web}}: CS1 maint: numeric names: authors list (link)
  3. "GPO and OMB To Release President Biden's FY2023 Budget" (Press release). United States Government Publishing Office. 24 March 2022. Retrieved 25 December 2022.
  4. "Appropriations Watch: FY 2023". Committee for a Responsible Federal Budget. 23 December 2022. Retrieved 2022-12-25.