FY2024 federal spending
In fiscal year 2024 the US federal government took in $4.92T and spent $6.75T, leaving a deficit of $1.83T financed by borrowing.
That is 23.8% of GDP in spending and 17.3% of GDP in revenue, or $20,034/person spent and $14,596/person collected for every one of the roughly 337 million people in the country. The deficit works out to $5,439/person (6.5% of GDP).
Where the money came from
Receipts by source, from the Treasury Monthly Treasury Statement. Borrowing covers the remaining $1.83T of FY2024 spending.
| Revenue source | Receipts | Share of receipts |
|---|---|---|
| Individual income tax Taxes on wages, salaries, investments. | $2.43T | 49.3% |
| Payroll taxes Social Security, Medicare, unemployment insurance. | $1.71T | 34.8% |
| Corporate income tax Tax on corporate profits. | $530B | 10.8% |
| Excise taxes Fuel, tobacco, alcohol, airline-ticket taxes. | $101B | 2.1% |
| Customs duties Tariffs on imported goods. | $77B | 1.6% |
| Fed. Reserve & other Federal Reserve remittances, fees, fines, misc receipts. | $43B | 0.9% |
| Estate & gift tax Tax on large inheritances and gifts. | $32B | 0.6% |
Where the money went
Outlays are cash paid out during the year; obligations are commitments made during the year. Agency names link to a fuller breakdown by federal account. More on the difference.
| Agency | Outlays | Obligations | Share of outlays |
|---|---|---|---|
| Health & Human Services | $1.72T | $2.52T | 25.5% |
| Social Security Admin. | $1.52T | $1.61T | 22.5% |
| Treasury | $1.32T | $1.77T | 19.5% |
| Defense | $826B | $1.39T | 12.2% |
| Veterans Affairs | $325B | $368B | 4.8% |
| Education | $268B | $229B | 4.0% |
| Agriculture | $203B | $254B | 3.0% |
| Fed. retirement (OPM) | $126B | $246B | 1.9% |
| Transportation | $117B | $152B | 1.7% |
| Homeland Security | $89B | $141B | 1.3% |
| Labor | $66B | $66B | 1.0% |
| Housing & Urban Dev. | $52B | $88B | 0.8% |
| Energy | $49B | $82B | 0.7% |
| State | $37B | $58B | 0.5% |
| All other agencies | $34B | $46B | 0.5% |
Notes
- Revenue → agency flows are pro-rata: federal money is fungible.
Every figure on this page is in US dollars. Read the data documentation for the underlying JSON, the units, and the known gaps.