Sources of federal revenue (plus borrowing) and how the $6.75 trillion budget is spent · Fiscal Year 2024 · U.S. Treasury
In fiscal year 2024 (October 2023 – September 2024), the federal government spent $6.75 trillion while collecting $4.92 trillion in revenue. The $1.83 trillion gap was filled by borrowing — adding to the national debt.
On the revenue side, individual income taxes and payroll taxes (Social Security & Medicare) together account for roughly 84% of receipts. On the spending side, the four largest categories — Social Security, Medicare, Medicaid & other health programs, and net interest on the debt — together exceed all other federal spending combined.
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Source: U.S. Department of the Treasury, Monthly Treasury Statement of Receipts and Outlays of the United States Government, September 2024 (final). Spending categories aggregated from official line items.