Created from Youtube video: https://www.youtube.com/watch?v=z6ohGMgkYeEvideoConcepts covered:mandatory spending, discretionary spending, interest payments, tax revenue, federal debt
In 2022, the federal government spent approximately $6 trillion, with mandatory spending on programs like Social Security and Medicare comprising nearly two-thirds of the budget. The remaining budget was allocated to discretionary spending, such as military expenses and foreign aid, and interest payments on federal debt, with funding sourced primarily from taxes and borrowing.
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The federal budget: Where the money comes from and where it goes
Concepts covered:mandatory spending, discretionary spending, interest payments, tax revenue, federal debt
In 2022, the federal government spent approximately $6 trillion, with mandatory spending on programs like Social Security and Medicare comprising nearly two-thirds of the budget. The remaining budget was allocated to discretionary spending, such as military expenses and foreign aid, and interest payments on federal debt, with funding sourced primarily from taxes and borrowing.
Question 1
Mandatory spending is the largest part of federal spending.
Question 2
What percentage of federal spending was discretionary in 2022?
Question 3
Discretionary spending accounted for roughly _____ of federal spending in 2022.
Question 4
CASE STUDY: A new policy proposes to increase discretionary spending by 10%.
All of the following are correct applications except:
Question 5
CASE STUDY: Congress debates reducing the budget deficit by cutting discretionary spending.
Select three correct implications from the following:
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