Budget




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. The fiscal year refers to the year in which it ends.

For fiscal year (FY) 2018, the federal government spent $4.11 trillion. Spending equalled 20.3% of gross domestic product (GDP), equal to the 50-year average. The deficit equalled $779 billion, 3.8 percent of GDP. Tax revenue amounted to $3.33 trillion, with receipt categories including individual income taxes ($1,684B or 51%), Social Security/Social Insurance taxes ($1,171B or 35%), and corporate taxes ($205B or 6%).

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