What was federal deficit 2017?

What was federal deficit 2017?

$665 billion
The budget deficit was $665 billion in 2017. U.S. debt is considered one of the safest investments in the world and interest rates remain low, which is why the government has been able to borrow money at cheap rates to finance the large annual deficits.

What is the federal fiscal year 2018?

The United States federal budget for fiscal year 2018, which ran from October 1, 2017, to September 30, 2018, was named America First: A Budget Blueprint to Make America Great Again. It was the first budget proposed by newly elected president Donald Trump, submitted to the 115th Congress on March 16, 2017.

What was the largest source of US federal spending in the fiscal year of 2017?

FY2017 spending of $3.99 trillion. Spending increased for all major categories and was mainly driven by higher spending for Social Security, net interest on the debt, and defense. Spending as % GDP fell from 20.7% GDP to 20.3% GDP, equal to the 50-year average.

Did Congress pass a budget for 2017?

Congress did not pass a regular budget resolution for the 2017 fiscal year during the 114th Congress, but did so early in the 115th Congress, over three months after the fiscal year had actually begun.

What were the five major sources of revenue in the 2017 budget?

The rest comes from a mix of sources.

• TOTAL REVENUES.
• INDIVIDUAL INCOME TAX.
• CORPORATE INCOME TAX.
• SOCIAL INSURANCE (PAYROLL) TAXES.
• FEDERAL EXCISE TAXES.
• OTHER REVENUES.
• SHARES OF TOTAL REVENUE.
• Updated May 2020.

What is the largest single expenditure category in the budget for 2017?

As Figure A suggests, Social Security is the single largest mandatory spending item, taking up 38% or nearly $1,050 billion of the $2,736 billion total. The next largest expenditures are Medicare and Income Security, with the remaining amount going to Medicaid, Veterans Benefits, and other programs.

Which is the last fiscal year when there was a federal surplus budget?

2001
According to the Congressional Budget Office, the United States last had a budget surplus during fiscal year 2001.