What is the US government spending money on?

More than half of FY 2019 discretionary spending went for national defense, and most of the rest went for domestic programs, including transportation, education and training, veterans’ benefits, income security, and health care (figure 4).

What are 3 major expenditures of the US government?

Government spending is broken down into three categories: mandatory spending, budgeted at $4.018 trillion; discretionary spending, forecasted to be $1.688 trillion; and interest on the national debt, estimated to be $305 billion.

How much money does the US owe China?

How much is the U.S. in debt to China? The United States currently owes China around $1.1 trillion as of 2021. China broke the trillion-dollar mark back in 2011 according to the U.S. Treasury report.

How much does the US collect in taxes?

The federal government collected revenues of $3.5 trillion in 2019—equal to about 16.3 percent of gross domestic product (GDP) (figure 2). Over the past 50 years, federal revenue has averaged 17.4 percent of GDP, ranging from 20.0 percent (in 2000) to 14.6 percent (most recently in 2009 and 2010).

What percent of GDP is government spending?

Government spending in the United States. Government spending in the United States is the spending of the federal government of the United States of America, and the spending of its state and local governments. The United States public-sector spending amounts to about 38% of GDP (federal is around 21%, state and local the remainder).

What does the government spend its money on?

A government spends money towards the supply of goods and services that are not provided by the private sector but are important for the nation’s welfare. Government spending goes to the nation’s defense, infrastructure, health and welfare benefits. Furthermore, governments subsidize startup industries…

How much does the federal government spend?

A. The federal government spent nearly $1.2 trillion in fiscal year 2019. In addition, income tax expenditures for health care totaled $234 billion. The federal government spent nearly $1.2 trillion on health care in fiscal year 2019 (table 1). Of that, Medicare claimed roughly $644 billion, Medicaid and the Children’s Health Insurance Pro-gram (CHIP) about $427 billion, and veterans’ medical care about $80 billion.

What is the government spending budget?

Current U.S. government spending is $4.746 trillion. That’s the federal budget for fiscal year 2020 covering October 1, 2019, to September 30, 2020.