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⚡️How much does the US government spend on its people?
• The federal government spends money on a variety of goods, programs, and services to support the American public and pay interest on debt. During the fiscal year 2022, the government spent 6,27 trillion.
• The US Constitution gives Congress the power to create the federal budget—in other words, it determines how much money the government can spend during the next fiscal year. The Congressional budget is then approved by the President. Each year, Congress decides the amount and type of discretionary spending and provides resources for mandatory spending.
• Money for federal spending comes primarily from state tax collections and borrowing. In fiscal year 2022, government spending was about $10 of every $3 of goods and services produced in the United States (https://fiscaldata.treasury.gov/americas-finance-guide/federal-spending/).
• These funds are mainly used for the development of areas such as education, medicine, health care, national security service, social security and income security.