![]() Enrollment is projected to decline by about 15 million by October 2024, but projections are highly uncertain. That is elevated from 71 million people prior to the pandemic due to a temporary pandemic-related coverage protection that expired in April 2023. In May 2023, Medicaid and CHIP provided health care or long-term care to about 94 million low-income children, parents, older adults, and people with disabilities. (Both Medicaid and CHIP require states to pay some of their total costs.) The rest of this category funds the federal costs of Medicaid, CHIP, and ACA subsidy and marketplace costs. One-half of this amount, or $828 billion, goes to Medicare, which provides health coverage to around 66 million people who are aged 65 and older or have disabilities. Health insurance: Four health insurance programs - Medicare, Medicaid, the Children’s Health Insurance Program (CHIP), and Affordable Care Act (ACA) marketplace health insurance subsidies - together account for 24 percent of the budget in 2023, or $1.5 trillion. Social Security also expects to provide benefits to 2.7 million spouses and children of retired workers, 5.9 million surviving children and spouses of deceased workers, and 8.8 million disabled workers and their eligible dependents. ![]() Social Security: In 2023, 21 percent of the budget, or $1.4 trillion, will be paid for Social Security, which will provide monthly retirement benefits averaging $1,836 to 48.6 million retired workers.The remaining amount will be financed by net borrowing.Īs the chart below shows, three major areas of spending make up the majority of the budget: Of that $6.3 trillion, over $4.8 trillion is estimated to be financed by federal revenues. In fiscal year 2023, the federal government is estimated to spend $6.3 trillion, amounting to 24.2 percent of the nation’s gross domestic product (GDP).
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