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What is a federal budget deficit?
How big is the federal government's deficit this fiscal year?
How do budget deficits affect the national debt?
What is a national deficit?
2 days ago · Understanding the National Deficit. A budget deficit occurs when money going out ( spending) exceeds money coming in ( revenue) during a defined period. In FY 2023, the federal government spent $ 6.13 trillion and collected $ 4.44 trillion in revenue, resulting in a deficit.
Feb 29, 2024 · A federal budget deficit occurs when government spending outpaces revenue or income from taxes, fees, and investments. Deficits add to the national debt or federal government debt.
Apr 5, 2022 · The federal government's budget for fiscal year 2022 estimated that the fiscal year 2022 budget deficit would be $1.15 trillion. The Congressional Budget Office (CBO) estimated by July 2021 that the fiscal year 2021 deficit would be $3 trillion. The budget deficit in 2020 was about $3.1 trillion, the largest in U.S. history.
- Kimberly Amadeo
Jul 29, 2022 · For any given year, the federal budget deficit is the amount of money the federal government spends minus the amount of revenue it takes in. The deficit drives the amount of money the government must borrow in any single year, while the national debt is the cumulative amount of money the government has borrowed throughout our nation’s history ...
May 31, 2022 · The U.S. federal budget deficit reached $2.8 trillion for the fiscal year 2021. It was the second-highest deficit since 1945; the 2020 deficit of $3.1 trillion as a result of the COVID-19 pandemic takes the top spot.
- Kimberly Amadeo
Apr 10, 2024 · The Congressional Budget Office estimates that the federal government ran a deficit of $312 billion in February 2021, the fifth month of fiscal year 2021. This month’s deficit—the difference between $246 billion in revenue and $558 billion in spending—was $77 billion more than last February’s.
CBO projects a federal budget deficit of $1.4 trillion for 2023. (Deficits and spending have been adjusted to exclude the effects of shifts that occur in the timing of certain payments when October 1 falls on a weekend.) In the agency’s projections, deficits generally increase over the coming years; the shortfall in 2033 is $2.7 trillion.
