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US Fiscal Deficit (view source)

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''Discussions: [https://forum.investmentwiki.org/t/dollar-liquidity-during-quantitative-tightening-and-record-debt-levels/15 Dollar liquidity during quantitative tightening and record debt levels] | [https://forum.investmentwiki.org/t/us-fiscal-deficit/232?u=magaly US Fiscal Deficit]''  
''Discussions: [https://forum.investmentwiki.org/t/dollar-liquidity-during-quantitative-tightening-and-record-debt-levels/15 Dollar liquidity during quantitative tightening and record debt levels] | [https://forum.investmentwiki.org/t/us-fiscal-deficit/232?u=magaly US Fiscal Deficit]''  


United States public debt <ref>https://www.statista.com/statistics/273294/public-debt-of-the-united-states-by-month/</ref>
United States public debt  


== Fiscal Deficit Developments ==
== Fiscal Deficit Developments ==
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=== FY 2024 ===
=== FY 2024 ===
In fiscal year 2024, which ended on September 30, the federal budget deficit totaled $1.8 trillion—an increase of $138 billion (or 8 percent) from the shortfall recorded in the previous year.<ref>https://www.cbo.gov/publication/60843/html</ref>
{| class="wikitable"
{| class="wikitable"
!Classification<ref>https://www.fiscal.treasury.gov/files/reports-statements/mts/mts0924.pdf</ref>
!Classification<ref>https://www.fiscal.treasury.gov/files/reports-statements/mts/mts0924.pdf</ref>
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| '''$      (1,877,649)'''
| '''$      (1,877,649)'''
|'''2.45%'''
|'''2.45%'''
|}
==== Receipts ====
{| class="wikitable"
! colspan="5" |'''Total Receipts (Billions of Dollars)'''
|-
!'''Major Source'''
!'''FY 2022'''
!'''FY 2023'''
!'''FY 2024'''
!'''Percentage Change'''
'''From 2023 to 2024'''
|-
|Individual Income Taxes
|2,632
|2,176
|2,426
|11.5
|-
|Payroll Taxes
|1,484
|1,614
|1,710
|5.9
|-
|Corporate Income Taxes
|425
|420
|530
|26.3
|-
|Other Receipts
|357
|229
|253
|10.7
|-
|'''Total'''
|'''4,897'''
|'''4,439'''
|'''4,919'''
|'''10.8'''
|-
|'''''Percentage of Gross Domestic Product'''''
|'''''19.2'''''
|'''''16.2'''''
|'''''17.1'''''
|'''''n.a.'''''
|-
| colspan="5" |Data sources: Congressional Budget Office; Department of the Treasury; Office of Management and Budget
FY = fiscal year; n.a. = not applicable.
|}
==== Outlays ====
{| class="wikitable"
! colspan="6" |Total Outlays (Billions of Dollars)
|-
! colspan="4" |
! colspan="2" |Percentage Change
From 2023 to 2024
|-
!Major Program or Category
!FY 2022
!FY 2023
!FY 2024
!Actual
!Adjusted<sup>a</sup>
|-
|Social Security Benefits
|1,206
|1,342
|1,448
|7.9
|7.9
|-
|Medicare<sup>b</sup>
|752
|844
|870
|3.1
|9.4
|-
|Medicaid
|592
|616
|618
|0.3
|0.3
|-
|'''Subtotal, Largest Mandatory'''
'''Spending Programs'''
|'''2,550'''
|'''2,802'''
|'''2,935'''
|'''4.8'''
|'''6.7'''
|-
| colspan="6" |
|-
|Department of Education
|639
|−41
|268
|n.m.
|n.m.
|-
|Veterans Affairs
|274
|301
|325
|8.0
|13.8
|-
|Refundable Tax Credits<sup>c</sup>
|292
|171
|199
|16.2
|16.2
|-
|FDIC
|−9
|92
|37
|−59.5
|−59.5
|-
|U.S Coronavirus Refundable Credits
|29
|52
|1
|−98.5
|−98.5
|-
|PBGC
|2
|40
|12
|−70.2
|−70.2
|-
|Food and Nutrition Service
|192
|171
|147
|−14.0
|−14.0
|-
|DoD—Military<sup>d</sup>
|726
|776
|826
|6.5
|7.2
|-
|Net Interest on the Public Debt
|534
|710
|949
|33.7
|33.7
|-
|Other
|1,044
|1,061
|1,051
|−0.9
|0.2
|-
|'''Total'''
|'''6,273'''
|'''6,135'''
|'''6,752'''
|'''10.1'''
|'''11.5'''
|-
|'''''Percentage of Gross Domestic Product'''''
|'''''24.6'''''
|'''''22.4'''''
|'''''23.4'''''
|'''''n.a.'''''
|'''''n.a.'''''
|-
| colspan="6" |Data sources: Congressional Budget Office; Department of the Treasury; Office of Management and Budget.
DoD = Department of Defense; FDIC = Federal Deposit Insurance Corporation; FY = fiscal year; PBGC = Pension Benefit Guaranty Corporation; n.a. = not applicable; n.m. = not meaningful.
a. Adjusted amounts exclude the effects of shifting payments that otherwise would have been made on a weekend. If not for those timing shifts, total outlays would have been $6,123 billion in
2023 and $6,827 billion in 2024. (In 2022, total outlays excluding timing shifts would have been $6,209 billion.)
b. Medicare outlays are net of offsetting receipts.
c. Recovery rebates, earned income tax credit, child tax credit, premium tax credits, and American Opportunity Tax Credit.
d. Excludes a small amount of spending by DoD on civil programs.
|}
|}


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