9, Feb 2024
What Is FY 2025?

What is FY 2025?

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What is FY 2025?

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FY 2025 is the fiscal year that begins on October 1, 2024 and ends on September 30, 2025. The term "fiscal year" refers to the 12-month period that an organization or government uses for accounting and budgeting purposes. For the United States federal government, the fiscal year is different from the calendar year, which runs from January 1 to December 31.

The FY 2025 budget is the financial plan for the U.S. federal government for that fiscal year. It outlines the government’s spending and revenue projections, as well as its plans for borrowing and debt repayment. The budget is developed by the executive branch, led by the President, and is then submitted to Congress for approval.

Key Dates in FY 2025

  • October 1, 2024: Start of FY 2025
  • January 20, 2025: President submits FY 2025 budget to Congress
  • April 15, 2025: Deadline for individuals to file their 2024 tax returns
  • September 30, 2025: End of FY 2025

Budget Process for FY 2025

The budget process for FY 2025 began in early 2023, when the Biden administration began developing its budget proposal. The administration worked with agencies across the government to gather data and develop spending plans.

In March 2023, the administration released its proposed budget for FY 2025. The budget included $6 trillion in spending and $4.5 trillion in revenue, resulting in a deficit of $1.5 trillion. The budget also included a number of policy proposals, such as increasing funding for education and healthcare.

The budget proposal was then submitted to Congress for review. The House and Senate Budget Committees held hearings on the budget and made changes to it. In June 2023, the House passed its version of the budget resolution, which set spending and revenue targets for the next 10 years. The Senate has not yet passed its version of the budget resolution.

The next step in the budget process is for Congress to pass a budget reconciliation bill. This bill would implement the spending and revenue changes outlined in the budget resolution. The reconciliation bill is expected to be passed by the end of September 2023.

Once the reconciliation bill is passed, the President will sign it into law. The law will then set the spending and revenue levels for the federal government for FY 2025.

Challenges for FY 2025

The federal government faces a number of challenges in FY 2025, including:

  • The national debt: The U.S. national debt is currently over $30 trillion. The government is projected to borrow an additional $1.5 trillion in FY 2025, which will increase the debt to over $31 trillion.
  • Inflation: Inflation is currently at a 40-year high. The government is taking steps to address inflation, but it is unclear how long it will take to bring inflation under control.
  • The war in Ukraine: The war in Ukraine is having a significant impact on the global economy. The war is causing energy prices to rise, which is putting pressure on the U.S. economy.
  • The COVID-19 pandemic: The COVID-19 pandemic is still ongoing, and it is unclear when it will end. The pandemic is having a significant impact on the U.S. economy, and it is likely to continue to have an impact in FY 2025.

Conclusion

FY 2025 is a critical year for the U.S. federal government. The government faces a number of challenges, including the national debt, inflation, the war in Ukraine, and the COVID-19 pandemic. The budget for FY 2025 will play a key role in addressing these challenges and ensuring the long-term health of the U.S. economy.

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