In fiscal 2023, federal government spending totaled $6.13 trillion and total revenue totaled $4.44 trillion, resulting in a deficit of $1.7 trillion, an increase of $320 billion from the previous fiscal year, the Treasury notes.
"Since 2001, the federal government's budget has run a deficit each year. Starting in 2016, increases in spending on Social Security, health care, and interest on federal debt have outpaced the growth of federal revenue." In its monthly budget review for May 2024, the CBO estimates that the federal budget deficit was $1.2 trillion in the first eight months of fiscal 2024 - $38 billion more than it was during the same period in the previous fiscal year.
In the past 12 months, from June 2023 to May 2024, the federal budget deficit totaled $1.7 trillion, incorporating the $348 billion May deficit.
Revenues were $294 billion higher, and outlays were $332 billion higher, from October 2023 through May 2024 than during the same period in fiscal 2023.
Department of Defense spending totaled $39 billion, or 8% more than in the same period last fiscal year; DoD spending increased by $8 billion.
In an analysis of the data, the Committee for a Responsible Government said, "Rising spending and declining revenue has led to our deteriorating fiscal situation." Debt is projected to increase from 97% of GDP from the end of fiscal 2023 to a record 106.4% of GDP by 2028, "Steadily increasing to 166 percent of GDP by the end of 2054," it notes.
"With only four months left in the fiscal year, the United States has borrowed $1.2 trillion, a shocking $4.9 billion per day on average. Clearly, we need to figure out our fiscal situation soon, before things get more out of control," Maya MacGuineas, president of the Committee for a Responsible Federal Budget, said.
https://www.thecentersquare.com/national/article_9f6df9bc-290e-11ef-9513-df86838d54ae.html
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