The deficit for fiscal 2024 was $1.8 trillion, or $138 billion higher than the prior year's deficit.
The fiscal year 2024 deficit was $76 billion below the baseline estimate of $1.91 trillion in the 2024 budget published in March, and $144 billion lower than the baseline estimate of $1.98 trillion in the Mid-Session Review, a supplemental update to the budget published in July.
The federal government spent $1.8 trillion more than it collected in tax revenue in fiscal year 2024, according to figures released Friday by U.S. Treasury Department.
In the past 50 years, the federal government has ended with a fiscal year-end budget surplus four times, most recently in 2001.
Harris' plan would increase the debt by $3.50 trillion through 2035, while Trump's plan would increase the debt by $7.50 trillion, according to the Committee for A Responsible Federal Budget's analysis.
Congress has run a deficit every year since 2001.
The 2024 deficit is $196 billion lower than in 2023, excluding the effect of the Supreme Court's 2023 decision in Biden v. Nebraska regarding student loan programs, according to year-end data from the September 2024 Monthly Treasury Statement of Receipts and Outlays of the United States Government.
https://www.thecentersquare.com/national/article_5dc8ec1c-8d8e-11ef-a6b6-f7812404d8ce.html
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