In 2018, the U.S. government had a budget deficit of 0.78 trillion U.S. dollars. This is compared to 2000, when the government had a budget surplus of 0.24 trillion U.S. dollars.
U.S. Government budget
The government budget is a financial statement that demonstrates the government’s suggested revenues and spending for the financial year. Budget surpluses occur when income exceeds expenditures. Budget deficits occur when spending exceeds income. The budget balance of the U.S. government has been fluctuating since 2014, and it is expected to decrease slightly in 2024.
Military spending
Defense outlays in the United States amounted to 621.7 billion U.S. dollars in 2018. It is expected to continue to increase over the next several years. The United States currently has the largest defense budget in the world, and is the largest employer in the world. The military budget funds the Army, Marine Corps, Navy, and Air Force. The amount of funding that goes towards the Department of Defense is heavily criticized by Democrats in the United States, because they believe that the funding should be more evenly distributed towards other social welfare programs such as public health insurance and education.
Surplus or deficit of the U.S. government's budget in fiscal years 2000 to 2024
(in trillion U.S. dollars)
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US Office of Management and Budget. (March 18, 2019). Surplus or deficit of the U.S. government's budget in fiscal years 2000 to 2024 (in trillion U.S. dollars) [Graph]. In Statista. Retrieved February 22, 2020, from https://www.statista.com/statistics/200410/surplus-or-deficit-of-the-us-governments-budget-since-2000/
US Office of Management and Budget. "Surplus or deficit of the U.S. government's budget in fiscal years 2000 to 2024 (in trillion U.S. dollars)." Chart. March 18, 2019. Statista. Accessed February 22, 2020. https://www.statista.com/statistics/200410/surplus-or-deficit-of-the-us-governments-budget-since-2000/
US Office of Management and Budget. (2019). Surplus or deficit of the U.S. government's budget in fiscal years 2000 to 2024 (in trillion U.S. dollars). Statista. Statista Inc.. Accessed: February 22, 2020. https://www.statista.com/statistics/200410/surplus-or-deficit-of-the-us-governments-budget-since-2000/
US Office of Management and Budget. "Surplus or Deficit of The U.S. Government's Budget in Fiscal Years 2000 to 2024 (in Trillion U.S. Dollars)." Statista, Statista Inc., 18 Mar 2019, https://www.statista.com/statistics/200410/surplus-or-deficit-of-the-us-governments-budget-since-2000/
US Office of Management and Budget, Surplus or deficit of the U.S. government's budget in fiscal years 2000 to 2024 (in trillion U.S. dollars) Statista, https://www.statista.com/statistics/200410/surplus-or-deficit-of-the-us-governments-budget-since-2000/ (last visited February 22, 2020)
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