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Sunday Reading: Federal Budget, 101


 

 

Federal Budget, 101

The US federal budget outlines how the government plans to both raise revenue and spend it via its 3 million workers across more than 400 agencies in a given fiscal year. The president submits a detailed budget request to Congress. Congress then reviews this proposal and develops its own budget resolutions through 12 appropriations bills. If there's an impasse, "continuing resolutions" can be temporarily used to maintain funding while bills are debated. 

Federal spending is divided into two main categories: mandatory and discretionary.

Mandatory includes expenses required by existing law (like Social Security, Medicare, and Medicaid). Discretionary spending includes funds for programs subject to annual review like defense, education, and transportation.

A federal deficit occurs when the government’s annual spending exceeds its revenues. The national debt is the cumulative total of these annual deficits and represents the government’s outstanding financial obligations.

... Read our full explainer on the federal budget here.

Also, check out ... 

> Before 1921, there was no federal budget, and it was pretty chaotic. (More)

> What happens if we hit the national debt ceiling. (More)

> Track US spending this year. (More)



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