In 2020, the U.S. government had a budget deficit of 3.13 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 fluctuated slightly since 2014, and is expected to decrease slightly by 2025.
Military spending
Defense outlays in the United States amounted to 714 billion U.S. dollars in 2020. 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 2026
(in trillion U.S. dollars)
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US Office of Management and Budget. (May 28, 2021). Surplus or deficit of the U.S. government's budget in fiscal years 2000 to 2026 (in trillion U.S. dollars) [Graph]. In Statista. Retrieved January 26, 2022, 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 2026 (in trillion U.S. dollars)." Chart. May 28, 2021. Statista. Accessed January 26, 2022. https://www.statista.com/statistics/200410/surplus-or-deficit-of-the-us-governments-budget-since-2000/
US Office of Management and Budget. (2021). Surplus or deficit of the U.S. government's budget in fiscal years 2000 to 2026 (in trillion U.S. dollars). Statista. Statista Inc.. Accessed: January 26, 2022. 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 2026 (in Trillion U.S. Dollars)." Statista, Statista Inc., 28 May 2021, 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 2026 (in trillion U.S. dollars) Statista, https://www.statista.com/statistics/200410/surplus-or-deficit-of-the-us-governments-budget-since-2000/ (last visited January 26, 2022)
