United States Federal Budget 2024

The United States federal budget for fiscal year 2024 (October 1, 2023 - September 30, 2024) totals approximately $6.9 trillion in outlays. This represents the federal government's plan for spending and revenue collection.

Key Facts:

• The largest spending category is Healthcare (Medicare and Medicaid) at 25% of the budget
• Social Security accounts for 23%, providing benefits to retirees and disabled individuals
• Defense spending represents 15% of the budget, funding the military and national security
• Interest on the national debt consumes 12% of federal spending
• The deficit (spending minus revenue) is approximately $2 trillion

Revenue Sources:

• Individual Income Taxes: 49%
• Payroll Taxes (Social Security & Medicare): 36%
• Corporate Taxes: 9%
• Other (excise, estate, customs): 6%

Sources: Congressional Budget Office (CBO), Office of Management and Budget (OMB), USASpending.gov