In fiscal year , the federal government has collected $ in revenue.
The federal government collects revenue from a variety of sources, including individual income taxes, payroll taxes, corporate income taxes, and excise taxes. It also collects revenue from services like admission to national parks and customs duties.
Learn more about government revenue
In fiscal year , the federal government has spent $.
The federal government funds a variety of programs and services that support the American public. The government also spends money on interest it has incurred on outstanding federal debt, including Treasury notes and bonds.
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How has federal revenue and spending affected the deficit and debt in fiscal year ?
The amount by which spending exceeds revenue, $ in , is referred to as deficit spending.
A budget deficit occurs when the money spent exceeds the money collected for a given period.
Learn more about national deficit
The deficit this year has contributed to a national debt of through month year.
The national debt is the money the federal government has borrowed to cover the outstanding balance of expenses incurred over time. To pay for a deficit, the federal government borrows additional funds, which increases the debt. Other activities contribute to the change in federal debt, such as changes in the Treasury’s operating cash account and federal student loans. The total debt for the US through
month DD, year
is $
.
Are federal debt and deficit the same thing? No, but they do affect one another
Data Sources & Methodologies
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Americans asked. We listened.
Your Guide to America's Finances is a re-invention of the Citizen's Guide to the Financial Report of the U.S. Government. This site was created in response to the public's desire to learn more about the financial picture of the United States. Where does the money come from? Where does it go? What are the trends over time? This guide was created to make federal financial information open and accessible to all - reflecting the very principles that our founding fathers set forth when the United States was formed.
Your Guide to America's Finances is brought to you by the U.S. Department of the Treasury
