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How much did the US spend in 2012?

How much did the US spend in 2012?

2012 United States federal budget

Submitted February 14, 2011
Total revenue $2.627 trillion (requested) $2.45 trillion (actual) 15.3% of GDP (actual)
Total expenditures $3.729 trillion (requested) $3.537 trillion (actual) 22.1% of GDP (actual)

How much is the US federal spending?

The federal government spent $6.6 trillion in fiscal year 2020 — or $19,962 per person. The federal government made $2.6 trillion in funds available to respond to COVID-19 and spent $1.6 trillion of that in fiscal year 2020. Federal spending grew 45% in fiscal year 2020.

What is true about the United States 2013 budget?

The budget included 2013 revenues of $2.9 trillion or 17.8% GDP (up from $2.5 trillion or 15.8% GDP in 2012) and spending of $3.8 trillion or 23.3% GDP (similar to the prior year in dollar terms but below the 24.3% GDP in 2012). Revenues rise steadily during the period from 17.8% GDP to 20.1% GDP, averaging 19.2% GDP.

How much of the federal budget goes to Social Security?

23 percent
Social Security: In 2019, 23 percent of the budget, or $1 trillion, paid for Social Security, which provided monthly retirement benefits averaging $1,503 to 45 million retired workers in December 2019.

Does the government spend more or less than it receives in income?

Total U.S. Government Spending. Government spending covers a range of services provided by the federal, state, and local governments. When the federal government spends more money than it receives in taxes in a given year, it runs a budget deficit.

What are the top 5 expenditures for the federal government in 2012?

What Was Spent in FY 2012

  • Social Security —$570 billion.
  • Medicare—$201 billion.
  • Unemployment—$67 billion.
  • Retirement—$8 billion.

How much did Obama spend on his campaign 2008?

Fundraising for the 2008 United States presidential election

Candidate (party) Amount raised Average spent per vote
Barack Obama (D) $778,642,962 $10.94
John McCain (R) $383,913,834 $5.97
Ralph Nader (I) $4,496,180 $5.67
Bob Barr (L) $1,383,681 $2.57

What does America spend the most money on?

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.

What is the budget for the US military?

The United States spent $725 billion on national defense during fiscal year (FY) 2020 according to the Office of Management and Budget, which amounts to 11 percent of federal spending.

What was the federal budget for FY 2013?

The president’s FY 2013 budget was designed to guide U.S. government spending for that fiscal year (October 1, 2012 – September 30, 2013).

How much money does the federal government spend each year?

Some 60%, or $2.086 trillion, was spent to fulfill mandatory programs. This spending is mandated by law, and cannot be changed without a literal act of Congress. Since it’s just an estimate, there’s no need to compare spending to the budget projections.

What was the national debt in FY 2013?

Interest on the national debt was $221 billion, and it must also be paid. 9 Just over a third of spending, or $1.147 trillion, went toward discretionary programs. Even without sequestration, this is significantly lower than in prior years, when around 40% of the budget was discretionary.

What was the defense budget cut in 2013?

The FY2013 defense budget would be reduced 11%, from $525 billion to $472 billion, after already having been cut from $571 billion in the first installment of cuts in the Budget Control Act. Secretary of Defense Leon Panetta initially gave the total cut figure as 23%.