Social Security, Medicare and Medicaid were responsible for consuming more than 50 percent of all federal spending in 2004 -- or about $1 trillion -- according to the Consolidated Federal Funds Report.

The paper, released annually by the Census Bureau, said that troika would account for even a larger portion of federal spending over the next several years.

Federal spending overall hit roughly $2.2 trillion, an increase of 5 percent from the 2003 figures.

The CFF report encompasses all federal spending with the exception of foreign aid and interest payments on the national debt.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access