Question

Which of the following is true for the federal government budget each year?​

Answer 1

The federal government budget each year is considered to run from October 1 of one calendar year through September 30 of the next.

The federal government budget in the United States each covers three major spending categories.

These spending categories include the following:

• The federal agency funding: this is often referred to as "discretionary spending."

• Interest on the debt: a maximum of 10% of the total funding.

• Funding for Social Security: this is often referred to as Mandatory spending. It covers activities like Medicare, veterans benefits, etc.

Hence, in this case, it is concluded that the federal government budget each year is used to run the country's affairs.

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