US Fiscal Deficit

FY2024See also: Macroeconomics | Debt Ceiling

Discussions: Dollar liquidity during quantitative tightening and record debt levels | US Fiscal Deficit

United States public debt

Fiscal Deficit Developments

https://fred.stlouisfed.org/series/FYFSGDA188S

Date FY^[1]	Millions NSA	Y/Y %	Y/Y Millions
2023-09-30	-1,695,148	23.24	-319,667
2022-09-30	-1,375,481	-50.44	1,399,878
2021-09-30	-2,775,359	-11.40	357,098
2020-09-30	-3,132,457	218.47	-2,148,861
2019-09-30	-983,596	26.24	-204,456
2018-09-30	-779,140	17.08	-113,690
2017-09-30	-665,450	13.82	-80,800
2016-09-30	-584,650	32.29	-142,690
2015-09-30	-441,960	-8.84	42,833
2014-09-30	-484,793	-28.68	194,982
2013-09-30	-679,775	-36.86	396,798
2012-09-30	-1,076,573	-17.16	223,026
2011-09-30	-1,299,599	0.40	-5,226
2010-09-30	-1,294,373	-8.38	118,315
2009-09-30	-1,412,688	208.08	-954,135
2008-09-30	-458,553	185.35	-297,852
2007-09-30	-160,701	-35.25	87,480
2006-09-30	-248,181	-22.04	70,165
2005-09-30	-318,346	-22.87	94,381
2004-09-30	-412,727	9.31	-35,142
2003-09-30	-377,585	139.34	-219,827
2002-09-30	-157,758	-223.02	-285,994
2001-09-30	128,236	-45.72	-108,005
2000-09-30	236,241	88.07	110,631

Federal Budget Developments

Totals, Fiscal Years 2019 to 2024 (Billions of Dollars)
	2019	2020	2021	2022	2023	2024
Receipts	3,463	3,421	4,047	4,897	4,439	4,919
Outlays	4,447	6,554	6,822	6,273	6,135	6,752
Deficit (−)
Amount	−984	−3,132	−2,775	−1,376	−1,695	−1,833
Percentage of Gross Domestic Product	−4.6	−14.7	−12.1	−5.4	−6.2	−6.4

https://www.cbo.gov/publication/60843/html

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.^[2]

Classification^[3]	FY2024	Y/Y 2024-2023	Difference compared to Budged Estimates	Comparable Prior Period Year to Date (2023)	Budget Estimates Full Fiscal Year ¹	Budget Estimates Next Fiscal Year (2025) ¹	Y/Y 2025-2024
Total Receipts	$ 4,918,736	10.80%	-1.65%	$ 4,439,286	$ 5,001,091	$ 5,561,646	13.07%
Total Outlays	$ 6,751,552	10.06%	-1.79%	$ 6,134,526	$ 6,874,608	$ 7,439,295	10.19%
Total Surplus (+) or Deficit (-)	$ (1,832,816)	8.12%	-2.17%	$ (1,695,240)	$ (1,873,517)	$ (1,877,649)	2.45%

Receipts

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.
Data sources: Congressional Budget Office; Department of the Treasury; Office of Management and Budget FY = fiscal year; n.a. = not applicable.

Outlays

Total Outlays (Billions of Dollars)
				Percentage Change From 2023 to 2024
Major Program or Category	FY 2022	FY 2023	FY 2024	Actual	Adjusted^a
Social Security Benefits	1,206	1,342	1,448	7.9	7.9
Medicare^b	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

Department of Education	639	−41	268	n.m.	n.m.
Veterans Affairs	274	301	325	8.0	13.8
Refundable Tax Credits^c	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^d	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.
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.