Us Fiscal Deficit 2024 Chart. Government faced one of its largest budget deficits ever in fiscal year 2024, due to rising interest rates and government spending significantly exceeding revenue. The federal government spent 38.0% more than it collected in fy 2023, resulting in a $1.7 trillion deficit.

Federal revenue in fy 2023 was $13,341 per person and spending was $18,406. In cbo’s projections, the federal deficit totals $1.4 trillion in 2023 and averages $2.0 trillion per year from 2024 to 2033.