Search results
Results From The WOW.Com Content Network
The following table summarizes several budgetary statistics for the fiscal year 2015-2021 periods as a percent of GDP, including federal tax revenue, outlays or spending, deficits (revenue – outlays), and debt held by the public. The historical average for 1969-2018 is also shown.
Large budget deficits over the next 30 years are projected to drive federal debt held by the public to unprecedented levels—from 78 percent of gross domestic product (GDP) in 2019 to 144 percent by 2049. That projection incorporates CBO's central estimates of various factors, such as productivity growth and interest rates on federal debt.
The table below shows annual federal spending, gross federal debt and gross domestic product for specific fiscal years. [60] The government fiscal year runs from October 1 of the previous calendar year to September 30 of the year shown.
Contrast that with the federal deficit in fiscal year 2023, which topped $1.7 trillion, ... In 1993, for instance, the annual deficit amounted to 3.8% of GDP, and the debt, ...
For the current fiscal year, the deficit will rise to $1.9 trillion, or 6.2% of GDP, as the federal government continues to spend more than it collects in revenue.
While the annual federal budget deficit was more than $1 trillion lower in the 2023 fiscal year than it was in both the 2020 fiscal year (under President Donald Trump) and the 2021 fiscal year ...
The U.S. federal government has run annual deficits in 36 of the past 40 fiscal years, with surpluses from 1998–2001. Debt represents the accumulation of deficits over time. Debt held by the public, a partial measure of the U.S. national debt representing securities held by investors, rose in dollar terms each year except during the 1998 ...
A positive (+) number indicates that revenues exceeded expenditures (a budget surplus), while a negative (-) number indicates the reverse (a budget deficit). Normalizing the data, by dividing the budget balance by GDP, enables easy comparisons across countries and indicates whether a national government saves or borrows money.