Financial FitnessGeneral Information

Where Does the Government’s Money go?

By August 29, 2019 No Comments

According to the Congressional Budget Office, the projected spending outlays for the U.S. government over the next 10 fiscal years is projected to be $57.8 trillion. That $57.8 trillion is broken up into three categories.

The Three Categories

The first category is called mandatory spending, and that is Medicare, Medicaid, and Social Security, and that is projected to be 64% of the U.S. government’s budget.

Another 24% is considered discretionary spending, and that would be spending, for military and health and human services.

And the remaining 12% of the government’s budget is the interest cost on the overall debt.

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