What did the federal government spend the most money on in 2015?
What did the federal government spend the most money on in 2015?
Social Security was the largest. It cost $882 billion, lower than the estimate of $896 billion. It’s 100 percent paid for by payroll taxes, so it doesn’t add to the deficit. Medicaid cost $350 billion, more than the $336 billion budgeted.
How much did the government spend in 2016?
2016 United States federal budget
| Submitted | February 2, 2015 |
|---|---|
| Submitted to | 114th Congress |
| Total revenue | $3.525 trillion (requested) $3.268 trillion (actual) 17.8% of GDP |
| Total expenditures | $3.999 trillion (requested) $3.853 trillion (actual) 20.9% of GDP |
| Deficit | $474 billion (requested) $585 billion (actual) 3.2% of GDP |
How much revenue did the government collect in 2015?
$3.2 trillion
Revenues received by the federal government in 2015 totaled $3.2 trillion, of which $1.5 trillion was receipts of individual income taxes.
What are the top 3 items that the federal government spends its 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 was the federal deficit in 2015?
$439 billion
At $439 billion, the 2015 deficit constituted the smallest since 2007, and at 2.5 percent of gross domestic product, it was below the average deficit (relative to the size of the economy) over the past 50 years.
How much money did the US government collect in taxes in 2016?
Revenues received by the federal government in 2016 totaled $3.3 trillion, of which $1.5 trillion was receipts of individual income taxes.
What is the budget of the US government?
The federal budget for the 2020 fiscal year was set at $4.79 trillion.
How much did the US government pay for the Covid vaccine?
Most recently the Congressional Budget Office estimated that the Biomedical Research and Development Authority (BARDA) alone has spent $19.3 billion on COVID-19 vaccine development. In addition, Lisa Cornish projected $39.5 billion in US spending.
How much economic damage has coronavirus caused?
The toll the COVID-19 pandemic has exacted on the global economy has been significant, with the International Monetary Fund (IMF) estimating that median global GDP dropped by 3.9% from 2019 to 2020, making it the worst economic downturn since the Great Depression.