POLIBIZ – The latest data from the US Department of Treasure shows that in the fiscal year 2024 the federal government collected $4.92 trillion in revenue, spent $6.75 trillion, resulting in a deficit of $1.83 trillion in an alarming increase for 3 consecutive years. If regardless of the 2 years affected by Covid-19, this would be the largest deficit ever in the US history.
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| It's hard to envisage when the USA can stop the trend of climbing federal deficit during the past 3 decades. |
In overall, the Biden-Harris Administration in fiscal years 2021-2024 has outspent $7.68 trillion compared to an accumulated deficit under Trump of $5.56 trillion or 38% higher.
Both Administrations had to deal with the Covid-19 pandemic which saw federal spending increasing by 50%. During that hard time, the deficit was at peak at $3.13 trillion (under Trump) and $2.77 trillion (under Biden).
By the end of fiscal year 2024, the national debt over the years stood at $35.46 trillion or 7.22 times of its revenue in 2024. The last time the US saw a federal surplus was in 2001 under Bush Administration.
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