2023 United States federal budget
| 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› | |
The United States federal budget for fiscal year 2023 runs 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.
Background
[edit]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
[edit]The Biden administration budget proposal was released in March 2022.[3]
Appropriations legislation
[edit]A series of three continuing resolutions were passed to initially fund government operations:[4]
- The Continuing Appropriations and Ukraine Supplemental Appropriations Act, 2023 (Pub. L. 117–180 (text) (PDF)) to December 16, which also included supplemental appropriations for aid to Ukraine in its war against Russia.
- The Further Continuing Appropriations and Extensions Act, 2023 (Pub. L. 117–229 (text) (PDF)) to December 23
- The Further Additional Continuing Appropriations and Extensions Act, 2023 (Pub. L. 117–264 (text) (PDF)) to December 30
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.
References
[edit]- ^ a b c d e f g "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.
- ^ 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) - ^ "GPO and OMB To Release President Biden's FY2023 Budget" (Press release). United States Government Publishing Office. 24 March 2022. Retrieved 25 December 2022.
- ^ "Appropriations Watch: FY 2023". Committee for a Responsible Federal Budget. 23 December 2022. Retrieved 2022-12-25.