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The United States has the largest external debt in the world. The total amount of U.S. Treasury securities held by foreign entities in December 2021 was $7.7 trillion, up from $7.1 trillion in December 2020. Total US federal government debt breached the $30 trillion mark for the first time in history in February 2022. [7]
The United States budget comprises the spending and revenues of the U.S. federal government.The budget is the financial representation of the priorities of the government, reflecting historical debates and competing economic philosophies.
On August 5, 2011, the United States debt-ceiling crisis of 2011, the credit rating agency Standard & Poor's downgraded the rating of the federal government from AAA to AA+. It was the first time the U.S. had been downgraded since it was originally given a AAA rating on its debt by Moody's in 1917. [ 37 ]
For the current fiscal year, the deficit will rise to $1.9 trillion, or 6.2% of GDP, as the federal government continues to spend more than it collects in revenue.
The Congressional Budget Office estimated on Tuesday a U.S. federal deficit of $1.834 trillion for fiscal 2024, the highest in the post-COVID era, as debt interest costs jumped sharply and outlays ...
The Congressional Budget Office (CBO) projected Friday that the federal budget deficit would hit $1.9 trillion in fiscal 2025. The nonpartisan budget scorekeeper estimated that federal spending ...
Breakdown of revenues for US Federal Government in 2023 Waterfall chart shows cause of change from deficit in 1994 to surplus in 2001, measured as a % GDP. Income tax revenues rose as a % GDP, while defense spending and interest fell relative to GDP.
Yet again, the federal government spent far more than it collected in revenue, racking up a budget deficit of $1.8 trillion for fiscal year 2024, according to the Congressional Budget Office.