2020 United States federal budget explained

Budget of the United States federal government
Year:2020
Country:United States
Previous Budget:2019 United States federal budget
Previous Year:2019
Next Budget:2021 United States federal budget
Next Year:2021
Date Submitted:March 11, 2019
Submitter:Donald Trump
Submitted To:116th Congress
Total Revenue:$3.420 trillion (actual)[1]
16.3% of GDP
Total Expenditures:$6.552 trillion (actual)
31.3% of GDP
Deficit:$3.132 trillion (actual)
15.0% of GDP
Url:BUDGET OF THE U.S. GOVERNMENT

The United States federal budget for fiscal year 2020 ran from October 1, 2019 to September 30, 2020. The government was initially funded through a series of two temporary continuing resolutions. The final funding package was passed as two consolidated spending bills in December 2019, the Consolidated Appropriations Act, 2020 and the Further Consolidated Appropriations Act, 2020 . A series of supplemental appropriations bills were passed beginning in March 2020 in response to the COVID-19 pandemic.

Budget proposals

The Trump administration's budget proposal was released on March 11, 2019.[2] [3]

On August 1, 2019, the Bipartisan Budget Act of 2019 was passed by the House. The next day, on August 2, 2019, the bill was passed by the Senate and signed into law by President Trump. This act increases spending by $320 billion over levels set in the Budget Control Act of 2011 and removes the possibility of budget sequestration.[4] [5]

Appropriations legislation

On September 26, 2019, Congress passed the Continuing Appropriations Act, 2020, and Health Extenders Act of 2019 which contained a continuing resolution lasting until November 21.[6] [7] On November 21, Congress passed the Further Continuing Appropriations Act, 2020, and Further Health Extenders Act of 2019 which extended temporary funding until December 20.[8]

A final appropriations deal was announced on December 16.[9] [10] [11] [12] The appropriations legislation was divided into two bills: the Consolidated Appropriations Act, 2020 contained the appropriations acts for Defense, Commerce–Justice–Science, Financial Services and General Government, and Homeland Security, while the Further Consolidated Appropriations Act, 2020 contained the remaining acts.[13]

Supplemental appropriations were passed in response to the COVID-19 pandemic:

Major initiatives

Total revenue

Receipts

Receipts by source: (in billions of dollars)

Sourcedata-sort-type="currency" Actual [17]
Individual income tax$
Corporate income tax$
Social Security and other payroll tax$
Excise tax$
Estate and gift taxes$
Customs duties$
Other miscellaneous receipts$
Total$

See also

External links

Notes and References

  1. Web site: JOINT STATEMENT OF JANET L. YELLEN, SECRETARY OF THE TREASURY, AND SHALANDA D. YOUNG, ACTING DIRECTOR OF THE OFFICE OF MANAGEMENT AND BUDGET, ON BUDGET RESULTS FOR FISCAL YEAR 2021. October 22, 2021. The New York Times. November 15, 2021. en-US.
  2. News: Trump Proposes a Record $4.75 Trillion Budget. Tankersley. Jim. March 11, 2019. The New York Times. August 5, 2019. Tackett. Michael. en-US. 0362-4331.
  3. Web site: What Trump proposed in his 2020 budget. Rabinowitz. Kate. Uhrmacher. Kevin. March 12, 2019. Washington Post. en. August 5, 2019.
  4. Web site: Senate passes massive 2-year budget deal. Everett. Burgess. Bresnahan. John. August 1, 2019. Politico. en. August 2, 2019.
  5. Web site: Trump signs two-year budget deal. Lejeune. Tristan. August 2, 2019. The Hill. en. August 2, 2019.
  6. Web site: Senate passes stopgap spending bill, sending it to Trump. Carney. Jordain. September 26, 2019. The Hill. en. October 20, 2019.
  7. Web site: Trump signs continuing resolution, averting government shutdown until Nov. 21. Ogrysko. Nicole. September 27, 2019. Federal News Network. en-US. October 20, 2019.
  8. Web site: Trump signs short-term spending bill just ahead of shutdown deadline. Werner. Erica. November 21, 2019. Washington Post. en. December 2, 2019.
  9. Web site: Congress debuts $1.37T spending deal that sidesteps border fight. Scholtes. Jennifer. Emma. Caitlin. December 16, 2019. Politico. en. December 19, 2019.
  10. Web site: From Border Security To Tobacco Age, Both Parties Tout Key Wins In Spending Deal. Grisales. Claudia. December 16, 2019. NPR. en. December 19, 2019.
  11. Web site: Spending bill includes 3.1% pay raise for feds -. Mazmanian. Adam. December 16, 2019. FCW. en. December 19, 2019.
  12. Web site: Final 2020 spending bill is kind to U.S. research. Mervis. Jeffrey. Malakoff. David. December 16, 2019. Science. en. December 19, 2019.
  13. Web site: Appropriations Status Table. crsreports.congress.gov. December 19, 2019.
  14. Web site: Ackerman . Andrew . Wise . Lindsay . A Reversal by Trump Revives Agency That Aids Exporters . WSJ . 2020-01-09 . 2020-06-16.
  15. Web site: Ex-Im Bank gets seven-year extension . SpaceNews.com . 2019-12-21 . 2020-06-16.
  16. Web site: Congress reaches deal to fund gun violence research for first time in decades. Hellmann. Jessie. December 16, 2019. The Hill. en. December 19, 2019.
  17. Web site: Budget of the U.S. Government - Fiscal Year 2022. PDF. Budget of the U.S. Government - Fiscal Year 2022. United States Office of Management and Budget. October 25, 2021.