Economy
Budget
Budget
Ninety-one percent came from individual income, payroll, and corporate income taxes.
Budget
Medicare, Social Security, defense and veterans, debt interest, support to businesses, plus assistance like stimulus checks and unemployment insurance accounted for 73% of spending. This includes funding distributed to states.
Budget
Over $1 trillion of the funds were spent on small business loans, unemployment compensation, and stimulus checks. In comparison, 2009’s American Recovery and Reinvestment Act cost an estimated $831 billion.
State and local tax revenue in the first three quarters of 2020 was 1.9% lower than the same three quarters in 2019. State and local governments account for an average of 46% of government spending, a quarter of which consists of funds transferred from the federal government.
Budget
Revenue was equivalent to 16% of GDP, lower than the 18% annual average since 1980.
Budget
This is more than double the 2009 increase following the Great Recession. Federal spending in 2020 was equivalent to 31% of GDP, higher than the 20% annual average since 1980.
Budget
The federal debt grew to $26.9 trillion, $21 trillion of which is owed to the public.
Explore the Budget Big Picture