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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 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.
Since 1981, federal budget deficits have increased under Republican presidents Ronald Reagan, both Bushes, and Trump, while deficits have declined under Democratic presidents Clinton and Obama. The economy ran surpluses during Clinton's last four fiscal years, the first surpluses since 1969.
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, ...
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 ...
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 ...
Since the national debt is an accumulation of federal deficits, each new tax cut and spending program creates a deficit and adds to the debt. ... But the last 30 years have seen a radical ...
English: United States gross federal annual deficit or surplus as percentage of receipts from 1901 to 2006. Vertical scale shows surplus or deficit as percentage of receipts (negative means deficit), horizontal scale shows years. Black bars above the 0% line indicate a surplus that year. Black bars below the 0% line indicate a deficit that year.