Center on Budget and Policy Priorities January 28, 2025
The federal government collects taxes to finance various public services. As policymakers and the public weigh key decisions about revenues and expenditures, it is important to examine what the government does with the money it collects.
In fiscal year 2024, the federal government spent $6.9 trillion, amounting to 24 percent of the nation’s gross domestic product (GDP), according to the June 2024 estimates of the Congressional Budget Office (CBO). About nine-tenths of the total went toward federal programs; the remainder went toward interest payments on the federal debt. Of that $6.9 trillion, almost $4.9 trillion was financed by federal revenues. The remaining amount was financed by borrowing. (Note: In this analysis, the figures are adjusted for certain one- or two-day...
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