What Is FY 2025
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FY 2025 is the fiscal year that begins on October 1, 2025 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.
The budget process for FY 2025 began in early 2025, 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 2025, 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 2025, 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 2025.
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.
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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