U.S. Department of the Treasury and Bureau of Economic Analysis reports

CBO: U.S. Federal Budget Deficit Rises to $1.8 Trillion for FY2024, NYT Reports

Oct 8, 2024, 06:19 PM

The U.S. federal budget deficit for the fiscal year 2024 has risen to $1.8 trillion, according to the Congressional Budget Office (CBO) and reported by the New York Times. This marks a significant increase from the previous year, with the deficit now accounting for 6.4% of the GDP. The government spent $6.1 trillion in 2023, highlighting a spending issue rather than a revenue problem, as tax revenue increased by 11%, including a 26% rise from businesses. Debt servicing costs for FY2024 are approximately 3.27% of GDP, the highest since 1992. Projections indicate that the national debt could surpass the GDP within a few years, a scenario not seen since World War II. Deficits of this magnitude during relative peace and prosperity are nearly unheard of in America.