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By Catholic Online (NEWS CONSORTIUM)

8/5/2014 (2 years ago)

Catholic Online (www.catholic.org)

New report shows government expenditures for 2013 fiscal year

According to data from the Bureau of the Fiscal Service's Monthly Treasury Statement, the federal government paid out more than $2 trillion in benefits and entitlements in the 2013 fiscal year.

A new report outlines the Federal governments spending for the 2013 fiscal year.

A new report outlines the Federal governments spending for the 2013 fiscal year.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

8/5/2014 (2 years ago)

Published in U.S.

Keywords: US, News, Finance


LOS ANGELES, CA (Catholic Online) - The treasury statement summarizes the financial activities of the federal government and how the $2,007,358,200,000 was spent; this includes data on government recipients, outlays, and surplus and deficit totals.

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The statement calculates these for the entire fiscal year of 2013, which began on the first of October, 2012 and ends September 30, 2013.

The federal government's total outlays (spending) for means-tested and non-means tested government programs-not including administrative expenses-totaled $2,007,611,200,000 in the 2013 fiscal year.

Most of the benefits from the $2 trillion (69.7%) came from non-means tested government programs that provide benefits to individuals who qualify regardless of income.

These programs include Medicare, Social Security, railroad retirement, unemployment compensation, workers' compensation, Veterans' compensation and Veterans' educational assistance. In fiscal year 2013, Americans received $1,399,253,000,000 in benefits from these programs.

Social security, with $663,216,000,000 and Medicare with $589,655,000,000 contributed the most to this total.

Programs where income is required to be below a certain level for an individual to be eligible for aid, contributed to 30.3% of the total amount in benefits.

These means-tested programs include public or subsidized rental housing, Federal Supplemental Security Income (SSI), food stamps (Supplemental Nutrition Assistance Program), Temporary Assistance for Needy Families (TANF), Women, Infants and Children (WIC), free and reduced lunch programs, Pell Grants, refundable tax credits and Medicaid.

These programs totaled $608,358,200,000 in fiscal year 2013.

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