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1 1 (January 3, 2025)

handle is hein.crs/goverwj0001 and id is 1 raw text is: Overview of the FY2025 Federal Budget Projections January 3, 2025 Congressional deliberations continue over federal discretionary funding for the rest of FY2025. This Insight gives a high-level overview of the federal budget using Congressional Budget Office (CBO) current-law baseline projections issued last June. CBO is to issue new baseline projections in January 2025. Federal budgetary trends over time are discussed here. Select Budget Concepts Congress provides budget authority (BA) that permits federal officials to obligate the federal government through hiring employees, administering grants, and signing contracts, or in other ways. BA provided by and controlled by annual appropriations laws is called discretionary spending. BA provided by other types of laws is called mandatory, or in budget law, direct spending. The 1990 Budget Enforcement Act (BEA) defined those categories. Charts here show revenues and outlays, because those determine the budget deficit and because outlays better reflect the scale of mandatory programs. Budge tfinctions categorize federal funding for activities within broad policy areas (e.g., national defense, agriculture) that often cut across several federal agencies. Superfunctions group functions together and subfunctions divide funding by narrower policy areas. Congressional budget resolutions and other fiscal plans and reports use functional categories. Revenues are divided in source categories, namely, individual income taxes, corporate income taxes, social insurance taxes and contributions (payroll taxes), excise taxes on goods and services, estate and gift taxes, customs duties, and miscellaneous government receipts. Projected Revenues and Outlays for FY2025 Figure 1 gives a comprehensive view of projected FY2025 revenues, outlays, and tax expenditures. Each rectangle's area corresponds to outlay totals and its color reflects the projected change from FY2024. The top rectangle shows incoming funds to support federal operations, such as tax revenues and offsetting collections. Proceeds from selling Treasury securities bridge the gap between outlays and revenues, that Congressional Research Service https://crsreports.congress.gov IN12477 CRS INSIGHT Prepared for Members and Committees of Congress

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