2023 Fed Spending: Down $137B from Last Year’s $6.27T

In fiscal year (FY) 2023, the US government reached $6.13 trillion in spending, marking a critical point in its ongoing efforts to support the American populace and economy, according to the Monthly Treasury Statement dataset.

A Glimpse at the Spending Figures

As of now, the exact figure stands at $6,134,432,040,451, a slight decrease from the previous year’s $6.27 trillion. 

These numbers testify to the government’s role in shaping the nation’s present and future.

Fiscal Year 2023 Spending

Did you know that money for federal spending is primarily composed of government tax collecting and borrowing? 

In FY 2023, government spending equated to roughly $2 out of every $10 of the goods and services produced in the United States. 

What Does the Government Buy?

The government buys many items, including military equipment and research services, to ensure national security and public welfare.

The federal budget covers many things, like Social Security, Medicare, defense, infrastructure, and education, all split into 20 categories.

The categories are further split into mandatory and discretionary spending—each of which has its purpose—which makes it easy to understand how our tax dollars are spent.

Mandatory versus Discretionary Spending

Mandatory spending covers programs like Social Security and Medicare.

Discretionary spending is determined annually and includes defense and various domestic programs. 

Supplemental appropriations are additional funds for urgent needs, like the COVID-19 pandemic relief measures. 

Congress’s Role in Spending

Congress is pivotal in deciding how to allocate funds, particularly regarding discretionary spending. 

This process involves balancing national needs and priorities, from defense to education to infrastructure.

The Future of Federal Spending

As we look ahead, the trajectory of federal spending will significantly impact the US economy and society. 

The government shapes the nation’s future through investments with each fiscal decision.

The US government’s spending in FY 2023 is complex, and researching it is crucial for understanding the broader economic and social landscape of the United States.

Source.

Author: Luana Cantuarias

Title: Contributing Writer

Expertise: Blockchain, B2B, and SaaS

Bio:

Luana Cantuarias is a seasoned finance writer with over a decade of experience in the realms of Blockchain, B2B, and SaaS.