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Your Government and Its Financial Operation
The U.S. government is one of the largest institutions in the world, taking in revenues of over $3 trillion each year. Still, the government in recent years has spent much more, incurring deficits that add to its public debt.
The government collected $3.25 trillion in 2015 primarily from individual income taxes and payroll (e.g., Social Secuirty) taxes. It spent $3.69 trillion, over half on national defense, Social Security, and Medicare.
U.S. federal government expenditures exceeded revenues in every year since 1990 except from 1998 to 2001. The gap between spending and revenues expanded in 2008 as a result of the 2007-
External (foreign held) debt has risen since 1990. Today, nearly 50% of total public debt is held externally.
Top Ten Creditors of U.S. Treasury Debt as of January 2016 (in billions)
