The fiscal year refers to the year in which it ends. The budget document often begins with the President's proposal to Congress recommending funding levels for the next fiscal year, beginning October 1 and ending on September 30 of the year following. CBO current law baseline as of May 2023, showing forecast of deficit and debt by year Deficits are projected to grow as a percentage of GDP as the country ages and healthcare costs rise faster than the economy. had budget surpluses only from 1998 to 2001, years budgeted by the One Hundred Fifth United States Congress. Major expenditure categories are healthcare, Social Security, and defense income and payroll taxes are the primary revenue sources. Federal spending and revenue components for fiscal year 2022. It has reported that large budget deficits over the next 30 years are projected to drive federal debt held by the public to unprecedented levels-from 98 percent of gross domestic product (GDP) in 2020 to 195 percent by 2050. The non-partisan Congressional Budget Office provides extensive analysis of the budget and its economic effects. The government primarily spends on healthcare, retirement, and defense programs. The budget is the financial representation of the priorities of the government, reflecting historical debates and competing economic philosophies. The United States budget comprises the spending and revenues of the U.S.
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