USFacts: “Congress hasn’t passed a full budget on time since 1997. How is the government getting funded? Government budgeting is a massive project. Each year, the federal government takes in trillions of dollars and redistributes them (and, in most years, more) to fund government programs and address the current administration’s priorities. At USAFacts, we talk a lot about budget outcomes — how the government spends its money and what that means for the American people. But the process itself is a whole other issue, one itself that leads to political tensions, potential government shutdowns, and ultimately, a plan for the financial future of the country. Federal spending – In FY 2024, the federal government spent $6.8T.
- How is the budget process structured? While mandatory spending is required by law and isn’t subject to annual Congressional approval, discretionary government spending is updated with new legislation annually (though in recent years, budget legislation has been more ad hoc).
- What are continuing resolutions? Here’s the catch — for all of the 21st century, Congress has not met the appropriations deadlines and most federal funding has happened through continuing resolutions. These bills provide temporary financial coverage for government programs until regular appropriations bills are passed, so the government can function and avoid a shutdown in the interim. Continuing resolutions have covered some or all appropriations in every fiscal year since 1997, and in 46 of the last 49 fiscal years overall.
- How much does the US federal government spend? About $6.8 trillion in fiscal year (FY) 2024. This averages about $19,900 per person in the US. The amount the government can spend depends on the amount of revenue it collects (e.g., through taxes, customs duties, and other sources). If it has to spend more revenue than it brings in, it borrows the funds, creating debt…”
