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The amount by which spending exceeds revenue, $ trillion in 0, is referred to as deficit spending. The opposite of a budget deficit is a budget surplus, which occurs when the federal government collects more money than it spends. The U.S. has experienced a fiscal year-end budget surplus four times in the last 50 years, most recently in 2001.
Each year's budget deficit adds to the national debt, but Congress caps the debt limit. Congress set the debt limit, also known as the debt ceiling, at $31.4 trillion in December 2021, and the Treasury reached that limit in January 2023.
The federal government ran a deficit of $1.7 trillion in fiscal year 2023, $320 billion (23%) more than FY2022’s deficit. Revenues decreased by $457 billion (9%) and outlays decreased by $83 billion (1%) year-over-year.*
Graph and download economic data for Federal Surplus or Deficit [-] (FYFSD) from 1901 to 2024 about budget, federal, and USA.
Graph and download economic data for Federal Surplus or Deficit [-] as Percent of Gross Domestic Product from 1930 to 2023 about budget, federal, percent, GDP, and USA.
In CBO’s projections, the federal deficit totals $1.4 trillion in 2023 and averages $2.0 trillion per year from 2024 to 2033. Real GDP growth comes to a halt in 2023 and then rebounds, averaging 2.4 percent from 2024 to 2027.
The federal budget deficit was $1.8 trillion in fiscal year 2024, the Congressional Budget Office estimates. The estimated deficit for 2024 was $139 billion more than the shortfall recorded during fiscal year 2023. Revenues increased by an estimated $479 billion (or 11 percent). Revenues in
10-Year Budget Projections. Projections of spending and revenues by category and of deficits and debt held by the public. (Files combining such projections made from the 1980s through the most recent year can be found on CBO’s Github page).
Graph and download economic data for Federal Surplus or Deficit [-] from Q2 1901 to Q3 2024 about budget, federal, USA, expenditures, government, and GDP.
Table 1.3—Summary of Receipts, Outlays, and Surpluses or Deficits (-) in Current Dollars, Constant (FY 2017) Dollars, and as Percentages of GDP: 1940–2029