| Submitted by | Joe Biden |
|---|---|
| Submitted to | 119th Congress |
| Website | Budget of the US Government |
|
‹ 2024 2026› | |
The United States federal budget for fiscal year 2025 runs from October 1, 2024, to September 30, 2025.
Background
Under the United States budget process established in 1921, the US government is funded by twelve appropriations bills that are formed as a response to the presidential budget request submitted to congress in the first few months of the calendar year. The various legislators in the two chambers of congress negotiate over the precise details of the various appropriations bills. In some politically contentious years when these negotiation processes deadlock, the Legislative Branch passes a continuing resolution that essentially extends the current funding levels into the new fiscal year until a budget can be agreed upon by a majority of both houses and signed into law by the President of the United States. Supplemental appropriations bills can provide additional appropriations for emergencies and other matters.
These appropriations bills are classified as discretionary spending, and make up around 22% of federal expenditures. The remainder is classified as mandatory spending, which includes programs such as Social Security and Medicare, as well as interest on debt.[1]
Budget legislation
President Joe Biden released his budget proposal in March 2024.[2]
The Fiscal Responsibility Act of 2023, passed in June 2023, resolved that year's debt-ceiling crisis and set spending caps for FY2024 and FY2025.
Appropriations legislation
References
- ^ Street, 351 Pleasant; MA, Suite B. #442 Northampton. "Federal Spending: Where Does the Money Go". National Priorities Project. Retrieved 2024-03-27.
{{cite web}}: CS1 maint: numeric names: authors list (link) - ^ Aris Folley, Alex Gangitano (2023-03-09). "Breaking down Biden's budget: Here's what's in it". The Hill. Retrieved 2024-03-27.
This page was last edited on 2 June 2024, at 10:16