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The total federal deficit is the sum of the on-budget deficit (or surplus) and the off-budget deficit (or surplus). Since FY1960, the federal government has run on-budget deficits except for FY1999 and FY2000, and total federal deficits except in FY1969 and FY1998–FY2001.
According to the Congressional Budget Office, the United States last had a budget surplus during fiscal year 2001, though the national debt still increased. [47] From fiscal years 2001 to 2009, spending increased by 6.5% of gross domestic product (from 18.2% to 24.7%) while taxes declined by 4.7% of GDP (from 19.5% to 14.8%).
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.
The deficit was $1.7 trillion for the most recent fiscal year, which ended September 30, according to Treasury Department data released Friday. That marks a $320 billion, or 23%, increase from the ...
The U.S. Congressional Budget Office released its monthly budget review on Monday, which showed that in the first two months of this fiscal year, the federal government has run up a deficit of ...
Contrast that with the federal deficit in fiscal year 2023, which topped $1.7 trillion, an amount larger than Mexico’s total economy (the 12th largest in the world).
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.
The federal budget deficit rose to $1.7 trillion in fiscal 2023, according to data released Friday by the Treasury Department. The gulf between how much money the federal government spent and made ...