With a staggering $1.7 trillion deficit that accounts for over 6% of the entire U.S. economy, the nation's budget is not just a spreadsheet of numbers but a powerful reflection of our priorities, from soaring Social Security costs and massive defense outlays to the rising interest on our debt that is quietly consuming more of our future.
Key Takeaways
- In fiscal year 2023, the US federal budget deficit reached $1.7 trillion, representing 6.3% of GDP
- US federal spending on Social Security in FY2023 totaled $1.346 trillion, up 8% from prior year
- Medicare outlays in US FY2023 budget were $839 billion, accounting for 21% of total federal spending
- World Bank Group's total commitments in FY2023 reached $128.1 billion across lending arms
- IMF's FY2023 administrative budget was $1.3 billion, supporting 190 member countries
- EU general budget for 2023 was €186.6 billion, with 34% for cohesion policy
- California's FY2023-24 state budget totaled $310.8 billion, with $211 billion General Fund
- New York State's FY2023-24 enacted budget $237 billion, including $220 billion all funds
- Texas FY2023-24 biennial budget $321.3 billion, surplus of $32.7 billion
- Apple's FY2023 R&D budget was $29.9 billion, 7.8% of revenue
- Amazon's FY2023 capex budget hit $48.1 billion, mainly AWS data centers
- Google's parent Alphabet FY2023 operating expenses $109.4 billion, 24% of revenue
- Average US household annual budget for housing in 2023 was $24,298, 33% of income
- Median US household food budget yearly $5,259 in 2023, up 8% from 2022
- US average transportation budget per household $12,295 annually in 2023
The US federal budget deficit soared as mandatory spending on Social Security and Medicare climbed sharply.
Corporate Budgets
- Apple's FY2023 R&D budget was $29.9 billion, 7.8% of revenue
- Amazon's FY2023 capex budget hit $48.1 billion, mainly AWS data centers
- Google's parent Alphabet FY2023 operating expenses $109.4 billion, 24% of revenue
- Microsoft's FY2023 R&D spending $27.2 billion, up 16%
- ExxonMobil's 2023 capital budget $27.3 billion for upstream projects
- JPMorgan Chase 2023 marketing budget exceeded $1 billion annually
- Walmart FY2024 capex planned at $15.5 billion for stores and e-commerce
- Tesla's 2023 R&D expenses $3.97 billion, focused on autonomy
- Pfizer's 2023 R&D budget $10.7 billion, post-COVID vaccine peak
- Berkshire Hathaway 2023 insurance underwriting expenses $25 billion
- Meta Platforms FY2023 total expenses $88.1 billion, reality labs $16.1 billion loss
- UnitedHealth Group 2023 administrative expenses 13.2% of revenue, $25 billion total
- Procter & Gamble FY2023 marketing spend $8.6 billion, 11% of sales
- Chevron 2023 upstream capex $15.4 billion
- Verizon 2023 capex $17.5 billion for 5G network
- Home Depot FY2023 SG&A expenses $20.8 billion
- Coca-Cola 2023 marketing budget $4.5 billion globally
- Intel FY2023 R&D $16.1 billion, restructuring costs additional $3 billion
- Johnson & Johnson 2023 R&D expenses $15.6 billion
- Bank of America 2023 noninterest expense $60.9 billion, efficiency ratio 63%
Corporate Budgets Interpretation
From Apple's secretive labs to Amazon's colossal data centers, this corporate spending spree reveals a stark truth: while Big Tech bets billions on shaping the digital future, Big Oil drills for the past, Big Pharma chases the next blockbuster, and everyone else is just fighting to keep the lights on and sell you a soda.
Global Budgets
- World Bank Group's total commitments in FY2023 reached $128.1 billion across lending arms
- IMF's FY2023 administrative budget was $1.3 billion, supporting 190 member countries
- EU general budget for 2023 was €186.6 billion, with 34% for cohesion policy
- China's 2023 national budget deficit targeted at 3% of GDP, with revenue of ¥21.3 trillion
- Japan's FY2023 supplementary budget was ¥13.1 trillion for disaster recovery
- India's Union Budget 2023-24 allocated ₹45.2 lakh crore total expenditure, 7.2% growth
- UK's 2023-24 fiscal budget deficit forecast at £87.6 billion, 3% of GDP
- Germany's 2023 federal budget was €476 billion, with €52 billion debt brake suspension
- France's 2023 budget deficit projected at 4.9% of GDP, total spending €609 billion
- Brazil's 2023 primary deficit target zeroed, with total budget R$5.7 trillion
- Australia's 2023-24 budget surplus of A$22 billion, first in 15 years
- Russia's 2023 federal budget revenues ₽24.6 trillion, military spending up 68%
- Canada's FY2023-24 deficit C$40.1 billion, 1.4% of GDP
- South Korea's 2023 budget ₩639.2 trillion, 6.7% increase for welfare
- Mexico's 2023 approved budget MXN 8.3 trillion, 11.4% nominal growth
- Saudi Arabia's 2023 budget deficit SAR 115 billion, spending SAR 1.25 trillion
- UN regular budget for 2023 was $3.59 billion, assessed on member states
- OECD countries average budget deficit in 2023 was 5.5% of GDP post-COVID
- World Health Organization's 2022-23 biennial budget $6.72 billion, 80% voluntary funded
Global Budgets Interpretation
Amidst a global fiscal orchestra where some nations are tightening their belts while others are loosening the purse strings, the universal refrain is a delicate balance between ambitious spending and the sobering mathematics of deficits.
Personal Finance Budgets
- Average US household annual budget for housing in 2023 was $24,298, 33% of income
- Median US household food budget yearly $5,259 in 2023, up 8% from 2022
- US average transportation budget per household $12,295 annually in 2023
- Healthcare spending averaged $5,277 per US household in 2023
- US household entertainment budget averaged $2,731 yearly in 2023
- Average personal savings rate for US households fell to 3.8% in 2023
- Debt payments consumed 9.8% of US disposable income in Q4 2023 average
- US millennial household average student debt $32,910 in 2023 budgets
- Apparel and services budget per US household $1,945 annually 2023
- Utilities averaged $4,550 per year in US household budgets 2023
- Personal insurance and pensions took 11.5% of US household budgets in 2023
- Average US household education spending $1,384 yearly excluding college in 2023
- Cash contributions to charity averaged $678 per US household in 2023
- Alcohol beverage spending $584 annually average US household 2023
- Tobacco products budget $338 per smoking US household yearly 2023
- Reading materials cost $127 average per US household in 2023 budgets
- US household average pet expenses $1,380 yearly in 2023
- Vacation travel budget averaged $2,800 per US household 2023
- Gym memberships and fitness $672 annual average in US personal budgets 2023
- Streaming services cost $180 yearly average per household 2023
- Median US household net worth impacted budgets with $192,900 in 2022 data to 2023
Personal Finance Budgets Interpretation
The American household budget reads like a tragic comedy: we spend lavishly to live, move, and stream, then solemnly pledge our future to debt while scrounging a meager 3.8% for actual salvation.
State Budgets
- California's FY2023-24 state budget totaled $310.8 billion, with $211 billion General Fund
- New York State's FY2023-24 enacted budget $237 billion, including $220 billion all funds
- Texas FY2023-24 biennial budget $321.3 billion, surplus of $32.7 billion
- Florida's FY2023-24 budget $116.5 billion, with tax cuts of $4.5 billion
- Illinois FY2023 budget $50.4 billion General Funds, addressing pension debt
- Pennsylvania's FY2023-24 budget $45 billion, increasing education funding 10%
- Ohio FY2024-25 biennial budget $81.7 billion operating
- Michigan FY2023-24 budget $81.6 billion, with $23 billion school aid
- Georgia FY2024 budget $66.3 billion amended, transportation up 15%
- North Carolina FY2023-25 biennial budget $59.2 billion recurring
- New Jersey FY2024 budget $54.3 billion, property tax relief $2.5 billion
- Virginia FY2024-26 biennial budget $188 billion total funds
- Washington State FY2023-25 budget $122.8 billion near-general funds
- Massachusetts FY2024 budget $56 billion, childcare investments doubled
- Arizona FY2024 budget $17.1 billion General Fund, rainy day fund $145 million addition
- Indiana FY2024-25 biennial budget $34.9 billion all funds
- Tennessee FY2023-24 budget $56.2 billion, franchise tax repeal savings
- Missouri FY2024 budget $51.5 billion total, education 25% of spending
- Wisconsin FY2023-25 biennial $99 billion GPR
State Budgets Interpretation
While California's budget could make Texas blush with its sheer size, Texas' surplus could make California weep with envy, Florida is busy counting its tax-cut savings like Scrooge McDuck, Illinois is desperately feeding its pension beast, and Pennsylvania is finally giving schools a raise after years of being the frugal parent at the PTA meeting.
US Federal Budget
- In fiscal year 2023, the US federal budget deficit reached $1.7 trillion, representing 6.3% of GDP
- US federal spending on Social Security in FY2023 totaled $1.346 trillion, up 8% from prior year
- Medicare outlays in US FY2023 budget were $839 billion, accounting for 21% of total federal spending
- Defense discretionary spending in US FY2023 was $816 billion, the largest category after entitlements
- US federal revenue from individual income taxes in FY2023 was $2.177 trillion, 49% of total receipts
- Net interest payments on US federal debt in FY2023 amounted to $659 billion, up 30% from FY2022
- US FY2024 budget request proposed $842 billion for defense, a 1% increase over FY2023 enacted
- Mandatory spending in US FY2023 budget was $3.8 trillion, 61% of total outlays
- US federal grants to states in FY2023 totaled $721 billion, primarily for health and transportation
- Corporate income tax receipts in US FY2023 were $420 billion, 10% of total revenue
- US FY2023 budget allocated $155 billion to Veterans Affairs, serving 9 million veterans
- Excise taxes contributed $87 billion to US federal revenue in FY2023, mainly from fuels
- US federal R&D funding in FY2023 was $201 billion, with 42% for health research
- Homeland Security spending in US FY2023 budget was $108 billion, including border security
- US FY2023 education spending was $79 billion at federal level, plus $40 billion in aid
- Federal payroll taxes for Social Security and Medicare in FY2023 totaled $1.6 trillion
- US debt held by the public reached $26.3 trillion in FY2023 end, 98% of GDP
- Infrastructure Investment and Jobs Act allocated $550 billion new spending through FY2026 in US budget
- US FY2023 housing and urban development budget was $61 billion
- Energy and environment spending in US FY2023 was $46 billion, boosted by climate initiatives
- Inflation Reduction Act projected to save $300 billion in deficits over 10 years in US budget
- US federal agriculture spending in FY2023 was $28 billion, including farm subsidies
- Justice Department budget in US FY2023 was $38 billion
- NASA FY2023 budget was $25 billion, focused on Artemis program
- US international affairs spending in FY2023 was $60 billion, including foreign aid
- Federal student aid in US FY2023 budget was $1.6 trillion in loans outstanding
- US Treasury FY2023 administrative budget was $14 billion
- CHIPS Act provided $52 billion for semiconductors in US budget
- US FY2023 transportation budget was $108 billion
US Federal Budget Interpretation
America, in a financial nutshell: we're spending a fortune to keep our promise to retirees and our military strong, while our growing mountain of debt is costing us a fortune in interest, yet we still somehow find billions to build microchips, return to the moon, and help heat the planet and cool it down at the same time.
Sources & References
- Reference 1CBOcbo.govVisit source
- Reference 2SSAssa.govVisit source
- Reference 3CMScms.govVisit source
- Reference 4DEFENSEdefense.govVisit source
- Reference 5FISCALDATAfiscaldata.treasury.govVisit source
- Reference 6COMPTROLLERcomptroller.defense.govVisit source
- Reference 7WHITEHOUSEwhitehouse.govVisit source
- Reference 8CENSUScensus.govVisit source
- Reference 9VAva.govVisit source
- Reference 10IRSirs.govVisit source
- Reference 11NCSESncses.nsf.govVisit source
- Reference 12DHSdhs.govVisit source
- Reference 13NCESnces.ed.govVisit source
- Reference 14HUDhud.govVisit source
- Reference 15ENERGYenergy.govVisit source
- Reference 16USDAusda.govVisit source
- Reference 17JUSTICEjustice.govVisit source
- Reference 18NASAnasa.govVisit source
- Reference 19STATEstate.govVisit source
- Reference 20EDed.govVisit source
- Reference 21HOMEhome.treasury.govVisit source
- Reference 22COMMERCEcommerce.govVisit source
- Reference 23TRANSPORTATIONtransportation.govVisit source
- Reference 24WORLDBANKworldbank.orgVisit source
- Reference 25IMFimf.orgVisit source
- Reference 26ECec.europa.euVisit source
- Reference 27NPCOBSERVERnpcobserver.comVisit source
- Reference 28MOFmof.go.jpVisit source
- Reference 29INDIABUDGETindiabudget.gov.inVisit source
- Reference 30OBRobr.ukVisit source
- Reference 31BUNDESFINANZMINISTERIUMbundesfinanzministerium.deVisit source
- Reference 32BUDGETbudget.gouv.frVisit source
- Reference 33GOVgov.brVisit source
- Reference 34BUDGETbudget.gov.auVisit source
- Reference 35MINFINminfin.ruVisit source
- Reference 36BUDGETbudget.canada.caVisit source
- Reference 37ENGLISHenglish.moef.go.krVisit source
- Reference 38PPEFppef.hacienda.gob.mxVisit source
- Reference 39MOFmof.gov.saVisit source
- Reference 40UNun.orgVisit source
- Reference 41STATSstats.oecd.orgVisit source
- Reference 42WHOwho.intVisit source
- Reference 43EBUDGETebudget.ca.govVisit source
- Reference 44BUDGETbudget.ny.govVisit source
- Reference 45LRLlrl.texas.govVisit source
- Reference 46FLGOVflgov.comVisit source
- Reference 47GOVERNORgovernor.illinois.govVisit source
- Reference 48PApa.govVisit source
- Reference 49BUDGETbudget.ohio.govVisit source
- Reference 50MICHIGANmichigan.govVisit source
- Reference 51OBPobp.georgia.govVisit source
- Reference 52NCDCRncdcr.govVisit source
- Reference 53NJnj.govVisit source
- Reference 54DPBdpb.virginia.govVisit source
- Reference 55OFMofm.wa.govVisit source
- Reference 56MALEGISLATUREmalegislature.govVisit source
- Reference 57AZGOVERNORazgovernor.govVisit source
- Reference 58INin.govVisit source
- Reference 59TNtn.govVisit source
- Reference 60OAMoam.senate.mo.govVisit source
- Reference 61DOAdoa.wi.govVisit source
- Reference 62APPLEapple.comVisit source
- Reference 63IRir.aboutamazon.comVisit source
- Reference 64ABCabc.xyzVisit source
- Reference 65MICROSOFTmicrosoft.comVisit source
- Reference 66CORPORATEcorporate.exxonmobil.comVisit source
- Reference 67JPMORGANCHASEjpmorganchase.comVisit source
- Reference 68CORPORATEcorporate.walmart.comVisit source
- Reference 69IRir.tesla.comVisit source
- Reference 70PFIZERpfizer.comVisit source
- Reference 71BERKSHIREHATHAWAYberkshirehathaway.comVisit source
- Reference 72INVESTORinvestor.fb.comVisit source
- Reference 73UNITEDHEALTHGROUPunitedhealthgroup.comVisit source
- Reference 74PGINVESTORpginvestor.comVisit source
- Reference 75CHEVRONchevron.comVisit source
- Reference 76VERIZONverizon.comVisit source
- Reference 77IRir.homedepot.comVisit source
- Reference 78INVESTORSinvestors.coca-colacompany.comVisit source
- Reference 79INTCintc.comVisit source
- Reference 80INVESTORinvestor.jnj.comVisit source
- Reference 81INVESTORinvestor.bankofamerica.comVisit source
- Reference 82BLSbls.govVisit source
- Reference 83ERSers.usda.govVisit source
- Reference 84BTSbts.govVisit source
- Reference 85KFFkff.orgVisit source
- Reference 86BEAbea.govVisit source
- Reference 87FREDfred.stlouisfed.orgVisit source
- Reference 88EDUCATIONDATAeducationdata.orgVisit source
- Reference 89EIAeia.govVisit source
- Reference 90PHILANTHROPYROUNDTABLEphilanthropyroundtable.orgVisit source
- Reference 91CDCcdc.govVisit source
- Reference 92AMERICANPETPRODUCTSamericanpetproducts.orgVisit source
- Reference 93AAAaaa.comVisit source
- Reference 94IBISWORLDibisworld.comVisit source
- Reference 95NIELSENnielsen.comVisit source
- Reference 96FEDERALRESERVEfederalreserve.govVisit source
