Sep 6, 2017 ... Many analysts argue that defense spending needs to grow faster than inflation for  several years after half a dozen years of reductions. Our estimates assume that  defense outlays will remain at or above 3.0 percent of GDP through 2021 and will  decline gradually to 2.6 percent of GDP in 2035, although ...
If federal revenues and government spending are equal in a given fiscal year,  then the government has a balanced budget. If revenues are ... is a deficit. The  federal government then must borrow money to fund its deficit spending. ... If the  government runs a surplus, it can use the extra money to pay down some of its  debt.
Feb 16, 2016 ... Through most of its history, the federal government did not have the power to tax  incomes. ... When was the country's deepest debt, and how long did it take to pay  back? From the time it was founded until relatively recently, the U.S. government  consistently spent about 3% of GDP each year. Today, the ...
The federal government raises trillions of dollars in tax revenue each year,  though a variety of taxes and fees. Some taxes fund specific government  programs, while other taxes fund the government in general. When all taxes for a  given year are insufficient to cover all of the government's expenses - which has  been the case ...
Total revenues. In fiscal year (FY) 2016[1] the federal government collected  revenues of $3.3 trillion—about 17.8 percent of GDP. Over the past 50 years,  federal revenue has averaged 17.4 percent of GDP, ranging from 20.0 percent (in  2000) to 14.6 percent (most recently in 2008 and 2009).
This year, the federal government will have more revenue than any year in the history of our country.