the 2 main parts to a federal budget???
anyone?
how bout revenues and outlays??
That's correct! The two main parts of a federal budget are revenues and outlays.
To understand how to determine these parts, let's break it down:
1. Revenues: These are the sources of income for the federal government. The primary source of revenues is taxes, including income taxes, corporate taxes, and payroll taxes. Other sources may include tariffs, fees, fines, and income from government-owned assets.
To find information about the revenues, you can refer to official government documents such as the annual budget proposal or financial reports. These documents are usually available on the website of the respective government agency or the official government portal.
2. Outlays: These refer to the government's spending or expenditures. Outlays include various categories such as defense, education, healthcare, infrastructure, social programs, and interest on debt. The outlays are further categorized into mandatory spending (required by law) and discretionary spending (determined by appropriations).
To find information about the outlays, you can refer to the same official government documents mentioned earlier. The budget proposal or financial reports will provide detailed information on how the government plans to allocate funds across different sectors and programs.
It's worth noting that the federal budget is a complex document that goes through multiple stages of review and approval before implementation. Understanding the sources of revenue and how the funds are allocated helps you grasp the overall financial plan of the government.