How much money did the federal government spend in 2014?
In 2014, federal spending reached $3.5 trillion and the deficit was $486 billion.
When was the last time Congress passed a budget on time?
FIXING THE ANNUAL SPENDING PROCESS The last time Congress completed all bills on time was 20 years ago, in 1996. Instead of a functioning appropriations process, Congress has resorted to massive omnibus appropriations bills and continuing resolutions that carry over spending from the previous year.
When was the last time the US government had a balanced budget quizlet?
The last surplus for the federal government was in 2001. A balanced budget occurs when the amount the government spends equals the amount the government collects. Sometimes the term balanced budget is used more broadly to refer to instances where there is no deficit.
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.
Where does the U.S. get its money?
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.
What was the US deficit in 2012?
$1.101 trillion
Total revenues and spending The Obama administration’s budget request contained $2.627 trillion in revenues and $3.729 trillion in outlays (expenditures) for 2012, for a deficit of $1.101 trillion.
When did President Obama submit the FY2014 budget proposal?
President Obama submitted the FY2014 budget proposal on April 10, 2013, two months past the February 4 legal deadline due to negotiations over the United States fiscal cliff and implementation of the sequester cuts mandated by the Budget Control Act of 2011.
What’s in the fiscal year 2015 budget deal?
The deal caps the federal government’s spending for Fiscal Year 2014 at $1.012 trillion and for Fiscal Year 2015 at $1.014. This deal would eliminate some of the spending cuts required by the sequester by $45 billion of the cuts scheduled to happen in January 2014 and $18 billion of the cuts scheduled to happen in 2015.
What is the Bipartisan Budget Act of 2013?
The amendment was to completely replace the existing text of H.J.Res. 59 with the text of the Bipartisan Budget Act of 2013 . The deal caps the federal government’s spending for Fiscal Year 2014 at $1.012 trillion and for Fiscal Year 2015 at $1.014.