The federal government pays for a wide range of goods and services that are expected to contribute to the economy for some years in the future. Those purchases, called investment, fall into three categories: physical capital, research and development (R&D), and education and training. There are several economic rationales for federal…

The 2020 Budget builds off the foundation of the President's previous budgets and provides an avenue toward spending restraint. The Budget meets the President's directive on spending reductions by agency, proposing over $2.7 trillion in spending reductions--more proposed spending reductions than any previous administration in history--and closing…