US Federal Deficit FY2024

US federal deficit for fiscal year 2024 was $1.83 trillion (6.33% of GDP), up 8.1% from FY2023.

The federal deficit is the gap between what the government spends (outlays) and what it collects (receipts) in a fiscal year. A negative value means a surplus.

FY2024

$1.83 trillion

6.33% of GDP

FY2023

$1.69 trillion

Year on year

+8.1%

Peak on record

$3.13 trillion

FY2020

Federal Deficit Over Time

FY2000–FY2026

Why Federal Deficit Matters

Every dollar of deficit is borrowed, adding to debt held by the public and to future interest costs. Economists usually judge it as a share of GDP rather than in dollars, because a growing economy can carry a larger absolute deficit.

Federal Deficit by Fiscal Year

FY2026 FY2025 FY2024 FY2023 FY2022 FY2021 FY2020 FY2019 FY2018 FY2017 FY2016 FY2015 FY2014 FY2013 FY2012 FY2011 FY2010 FY2009 FY2008 FY2007 FY2006 FY2005 FY2004 FY2003 FY2002 FY2001 FY2000

Other Metrics for FY2024

Federal Outlays Federal Receipts Debt Held by the Public Net Interest

See the full FY2024 budget page, the federal overview, or all 50 state budgets.