The correct answer would be Social Security! Hope this helps!
What is the largest category of federal spending?
Figure A provides a breakdown of the major mandatory government spending categories as of the fiscal year 2019 budget approved by Congress. As Figure A suggests, Social Security is the single largest mandatory spending item, taking up 38% or nearly $1,050 billion of the $2,736 billion total.
What are the four main categories of US Federal government spending?
The four main areas of federal spending are national defense, Social Security, healthcare, and interest payments, which together account for about 70% of all federal spending. When a government spends more than it collects in taxes, it is said to have a budget deficit.
What are the 3 largest categories of federal government spending?
Federal spending can be divided into three general categories: mandatory, discretionary, and interest on the debt. Mandatory spending has numerous parts, but the largest ones are major healthcare programs (Medicare and Medicaid) and Social Security.
What are the three categories of federal spending?
Government spending is broken down into three categories: mandatory spending, budgeted at $2.966 trillion; discretionary spending, forecasted to be $1.485 trillion; and interest on the national debt, estimated to be $378 billion. Each category of spending has different subcategories.
What are the six largest spending categories?
Most state and local government spending falls into one of six categories: elementary and secondary education, public welfare (which includes most Medicaid spending), higher education, health and hospitals, police and corrections, and highways and roads.
What are the top 5 expenditures for the federal government in 2020?
Fiscal 2020 spending has been dominated by health care, entitlements and the military, with the Health and Human Services Department ($1.3 trillion), Social Security Administration ($1.2 trillion) and Defense Department ($690 billion) the top-three spending agencies.
Which of the following are major components of US federal government spending?
The federal budget comprises three primary components: revenues, discretionary spending, and direct spending.
What are the three largest categories of federal government spending quizlet?
Terms in this set (17)
- DEFENSE, SOCIAL SECURITY, MEDICARE. The three largest categories of federal government spending.
- WITHHOLDING. How much is being taken out of your paycheck in taxes.
- START PAYING TAXES. WHEN YOU MAKE MORE THAN THE MINIMUM INCOME REQUIREMENT.
- APRIL 15. …
- W-4. …
- 401(k) contribution. …
- I-9. …
- REFUND.
What is the largest source of income for the federal government?
The individual income tax has been the largest single source of federal revenue since 1950, amounting to about 50 percent of the total and 8.1 percent of GDP in 2019 (figure 3).
What are the main categories of US Federal government spending quizlet?
What are the main categories of U.S. federal government spending? The main categories are national defense, Social Security and Medicare payments, and interest on the debt.
What percentage of federal budget is military?
The U.S. defense budget (excluding spending for the wars in Iraq and Afghanistan, Homeland Security, and Veteran’s Affairs) is around 4% of GDP. Adding these other costs places defense and homeland security spending between 5% and 6% of GDP.
What are the 12 categories of expenditures in the federal budget?
(1) Social security, (2) national defense, (3) income security, (4) Medicare, (5) health, (6) net interest on debt, (7) education/training/employment & social services, (8) transportation, (9) veterans’ benefits, (10) administration of justice, (11) natural resources & the environment, (12) other.
Where does the federal government spend its money?
More than half of FY 2019 discretionary spending went for national defense, and most of the rest went for domestic programs, including transportation, education and training, veterans’ benefits, income security, and health care (figure 4).