Us Deficit 2024 Total Deficit. The federal budget deficit was $1.8 trillion in fiscal year 2024, the congressional budget office estimates. The biden administration rang up a budget deficit topping $1.8 trillion in fiscal 2024, up more than 8% from the previous year and the third highest on record, the treasury.
Net outlays for interest on the public debt rose by $239 billion (or 34 percent) to a total of $949 billion. Budget deficit grew to $1.833 trillion for fiscal 2024, the highest outside of the covid era, as interest on the federal debt exceeded $1 trillion.
