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Learn about the spending and revenues of the U.S. federal government, the budget process, and the challenges and debates over the deficit and debt. See historical and projected data, charts, and sources from various government agencies.
By definition, there must therefore exist a government budget deficit so all three net to zero. The government sector includes federal, state and local. For example, the government budget deficit in 2011 was approximately 10% GDP (8.6% GDP of which was federal), offsetting a capital surplus of 4% GDP and a private sector surplus of 6% GDP. [40]
A budget deficit occurs when the government spends more than the revenue it collects. Currently, the US government is running a $1.5 trillion budget deficit, according to Treasury Department data.
Learn about the history, challenges, and proposals for reducing the federal government budget deficit and debt in the U.S. The article covers the causes, effects, and measures of deficits and debt, as well as the political debates and controversies.
The federal budget deficit hit an all-time high of $3.1 trillion in the 2020 ... It was the government's largest annual shortfall in dollar terms, surpassing the previous record of $1.4 trillion ...
The CBO's new estimate for the fiscal 2024 deficit is now $1.9 trillion, up from its prior view for $1.6 trillion issued in February and up from the 2023 deficit of about $1.7 trillion.
Learn about the difference between government revenues and spending, and how it affects the economy. Find out the sectoral balances framework, the causes and effects of budget deficits and surpluses, and the role of the government sector in macroeconomics.
Deficit spending is when spending exceeds revenue over a period of time, also called budget deficit. Learn about the different views and arguments of economists on the pros and cons of deficit spending, and its role in fiscal policy and monetary policy.