CBO announces the current members of its Panel of Economic Advisers.

    

View CBO’s budget infographics to see how much the federal government spent and took in during fiscal year 2020, as well as broader trends in the budget over the past few decades.

    

Discretionary spending by the federal government totaled $1.6 trillion in 2020, of which $714 billion was for national defense and $914 billion was for nondefense activities.

    

Mandatory spending by the federal government totaled $4.6 trillion in 2020, of which $1.9 trillion was for Social Security and Medicare.

    

Revenues received by the federal government in 2020 totaled $3.4 trillion, of which $1.6 trillion was receipts from individual income taxes.

    

The federal deficit in 2020 was $3.1 trillion, equal to 14.9 percent of gross domestic product.