No results found

We're sorry, but there are no results that match your search criteria. Try checking your spelling or using alternate search terms.

We add new data to USAFacts all the time; you can subscribe to our newsletter to get unbiased, data-driven insights sent to your inbox weekly, no searching required.

Subscribe to get unbiased, data-driven insights sent to your inbox weekly.

Topics

Subscribe to get unbiased, data-driven insights sent to your inbox weekly.

Home / Reports / 2022 State of the Union / Budget

Budget

The federal government collected $4.1 trillion in revenue in fiscal year 2021 (FY2021) — or $12,294 per person.

Ninety-two percent came from individual income, payroll, and corporate income taxes.​

Budget

The federal government spent $6.8 trillion in FY2021 — or $20,634 per person.

Medicare, Social Security, defense and veterans, debt interest, plus assistance like stimulus checks and unemployment insurance accounted for 80.5% of spending. This includes funding distributed to states.

Budget

Increased personal and corporate income tax receipts drove federal revenue up by 15% in FY2021.

Revenue was equivalent to 17.3% of GDP, in line with the 18% annual average since 1980.  ​​

Budget

Federal spending grew 1% in FY2021, remaining relatively flat after increasing 45% in FY2020.

Spending was equivalent to 30% of GDP, higher than the 20% annual average since 1980.​​

Budget

Aside from unemployment insurance, major cash and non-cash programs to aid the disadvantaged increased in FY2021.

Refundable child tax credit payments increased 175%, COVID-19 payments to Americans rose 95%, and housing assistance increased 63% due to temporary COVID-19 assistance programs. Spending for the Supplemental Nutrition Assistance Program (SNAP) and other nutritional programs temporarily grew 41% in response to the pandemic. While these increases will expire, a recent raise in the per-meal allowance not yet reflected in this data means SNAP funding will remain above pre-pandemic levels after pandemic relief funding ends.

State and local tax revenue increased 19.2% from FY2020 to FY2021 after decreasing 1.1% in the previous fiscal year. In FY2021, state and local governments accounted for 39% of government spending, 35% of which is funds transferred from the federal government. Federal transfers to state and local governments increased more than in previous years as a result of COVID-19 assistance.

Budget

The federal government spent 68% more than it collected in FY2021, resulting in a $2.8 trillion deficit.

The government spent 91% more than it collected in FY2020. National debt grew to $28.4 trillion last year, $22.3 trillion of which is owed to the public.​

Continue exploring the State of the Union (2022)

Explore more of USAFacts