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Several government agencies provide budget data and analysis. These include the [[Government Accountability Office]] (GAO), the [[Congressional Budget Office]] (CBO), the [[Office of Management and Budget]] (OMB), and the [[United States Department of Treasury|Treasury Department]]. These agencies have reported that the federal government is facing many important long-run financing challenges, primarily driven by an aging population, rising interest payments, and spending for healthcare programs like [[Medicare (United States)|Medicare]] and [[Medicaid]].<ref name="auto">{{cite web|url=http://www.cbo.gov/publication/49450|title=Monthly Budget Review for September 2014|work=Congressional Budget Office}}</ref>
During FY2022, the federal government spent $6.3 trillion. Spending as % of GDP is 25.1%, almost 2 percentage points greater than the average over the past 50 years. Major categories of FY 2022 spending included: Medicare and Medicaid ($1,339B or 5.4% of GDP), Social Security ($1.2T or 4.8% of GDP), non-defense discretionary spending used to run federal Departments and Agencies ($910B or 3.6% of GDP), Defense Department ($751B or 3.0% of GDP), and net interest ($475B or 1.9% of GDP).<ref name="CBO_2022">[https://www.cbo.gov/publication/58888 The Federal Budget in Fiscal Year 2022: An Infographic]</ref>
President Trump signed the [[Tax Cuts and Jobs Act of 2017|Tax Cuts and Jobs Act]] into law in December 2017. CBO forecasts that the 2017 Tax Act will increase the sum of budget deficits (debt) by $2.289 trillion over the 2018-2027 decade, or $1.891 trillion after macro-economic feedback.<ref name="CBO_April2018Update"/> This is in addition to the $10.1{{nbsp}}trillion increase forecast under the CBO June 2017 current law [[Baseline (budgeting)|baseline]] and existing $20{{nbsp}}trillion national debt.<ref name="cbo.gov17">{{cite web|url=https://www.cbo.gov/publication/52370|title=The Budget and Economic Outlook: 2017 to 2027|work=Congressional Budget Office}}</ref>
CBO projects a federal budget deficit of $1.4 trillion for 2023. In the agency’s projections, deficits generally increase over the coming years; the shortfall in 2033 is $2.7 trillion. The deficit amounts to 5.3 percent of gross domestic product (GDP) in 2023, swells to 6.1 percent of GDP in 2024 and 2025, and then declines in the two years that follow. After 2027, deficits increase again, reaching 6.9 percent of GDP in 2033.<ref name="CBO_budgetOutlook2023">{{cite web|url=https://www.cbo.gov/publication/58946|title=The Budget and Economic Outlook: 2023 to 2033|publisher=CBO|date=February 15, 2023|access-date=February 1, 2024}}</ref>
During FY2019, the federal government spent $4.45 trillion, up $338 billion or 7.1% vs. FY2018 spending of $4.11 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 rose from 20.3% GDP to 21.2% GDP, above the 50-year average.<ref name="CBO_Oct19">{{cite web|url=https://www.cbo.gov/publication/55699|title=Monthly Budget Review for September 2019|work=Congressional Budget Office|date=October 7, 2019}}</ref> Also during FY2019, the federal government collected approximately $3.46 trillion in tax revenue, up $133 billion or 3.7% versus FY2018. Primary receipt categories included individual income taxes ($1,717B), Payroll taxes ($1,244B), and corporate taxes ($230B).<ref name="CBO_Oct19"/>
During FY2018, the federal government spent $4.11 trillion, up $127 billion or 3.2% vs. 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.<ref name="CBO_Nov18"/> Also during FY2018, the federal government collected approximately $3.33 trillion in tax revenue, up $14 billion or less than 1% versus FY2017. Primary receipt categories included individual income taxes ($1,684B or 51% of total receipts), Social Security/Social Insurance taxes ($1,171B or 35%), and corporate taxes ($205B or 6%). Corporate tax revenues declined by $92 billion or 32% due to the [[Tax Cuts and Jobs Act]]. FY 2018 revenues were 16.4% of [[gross domestic product]] (GDP), versus 17.2% in FY 2017.<ref name="CBO_Nov18"/> Tax revenues averaged approximately 17.4% GDP over the 1980-2017 period.<ref name="CBO_April2018Update" /> Tax revenues in 2018 were about $275 billion below the CBO January 2017 forecast for 2018, indicating tax revenues would have been considerably higher (and deficits lower) in the absence of the tax cuts.<ref name="CBO_April2018Update" />
The budget deficit increased from $779 billion in FY2018 to $984 billion FY2019, up $205 billion or 26%. The budget deficit increased from $666 billion in FY2017 to $779 billion in FY2018, an increase of $113 billion or 17.0%.<ref name="CBO_Nov18"/> The 2019 deficit was an estimated 4.7% GDP, up from 3.9% GDP in 2018 and 3.5% GDP in 2017. The historical average deficit is 2.9% GDP.<ref>{{cite web|url=http://www.crfb.org/blogs/treasury-2018-deficit-was-779-billion|title=Treasury: 2018 Deficit was $779 Billion|date=October 15, 2018|access-date=October 16, 2018}}</ref> During January 2017, just prior to President Trump's inauguration, CBO forecast that FY2019 budget deficit would be $610 billion if laws in place at that time remained in place. The $984 billion actual results represents a $374 billion or 61% increase versus that forecast, driven mainly by tax cuts and additional spending. Similarly, the FY 2018 budget deficit of $779 billion was a $292 billion or 60% increase versus that forecast.<ref name="CBO_BEO2017">{{Cite web|url=https://www.cbo.gov/publication/52370|title=CBO The Budget and Economic Outlook 2017–2027|publisher=CBO|date=24 January 2017}}</ref>
The following table summarizes several budgetary statistics for the fiscal year 2015-2021 periods as a percent of GDP, including federal tax revenue, outlays or spending, deficits (revenue – outlays), and [[National debt of the United States|debt held by the public]]. The historical average for 1969-2018 is also shown. With U.S. GDP of about $21 trillion in 2019, 1% of GDP is about $210 billion.<ref name="CBO_Hist_20">[https://www.cbo.gov/about/products/budget-economic-data#2 CBO-Historical Budget Data-Retrieved January 28, 2020]</ref> Statistics for 2020-2022 are from the CBO Monthly Budget Review for FY 2022.<ref name="CBO_MBRFY2022">{{cite web|url=https://www.cbo.gov/publication/58592|title=Monthly Budget Review: Summary for Fiscal Year 2022|publisher=CBO|date=November 8, 2022|access-date=December 10, 2022}}</ref>
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