According to Treasury Department data, the federal government has spent nearly quarter of its budget — 23% — on Social Security in fiscal year 2023.
House Speaker Kevin McCarthy is at loggerheads with members of his caucus who are demanding steep spending cuts and crackdowns on illegal immigration in return for their support for a short-term spending measure that would keep the federal government operating.
The US national debt continues to climb, according to data released by the Treasury Department on Monday.In fiscal year 2022, the federal government spent $6.27 trillion, which represents one-fourth of gross domestic product . Fitch said worsening political divisions around spending and tax policy was a key reason for its decision.
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