Budget

The federal government collected $3.5 trillion in revenue in fiscal year 2020 — or $10,457 per person.

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

Budget

The federal government spent $6.6 trillion in fiscal year 2020 — or $19,962 per person.

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

The federal government made $2.6 trillion in funds available to respond to COVID-19 and spent $1.6 trillion of that in fiscal year 2020.

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

Federal revenue decreased 3% in fiscal year 2020.

Revenue was equivalent to 16% of GDP, lower than the 18% annual average since 1980. ​

Budget

Federal spending grew 45% in fiscal year 2020.

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 nation spent 91% more than it collected in revenue, creating a $3.1 trillion deficit in fiscal year 2020.

The federal debt grew to $26.9 trillion, $21 trillion of which is owed to the public.

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