Final 2024 US government deficit is $1.8T dollars or 6.4% of GDP. AIA Weekly Report 10.12.24

The CBO report shows that the U.S. deficit surged to $1.8 trillion in the Fiscal Year 2024, representing 6.4% of GDP—the most significant shortfall since 2021.

That’s $139 billion more than the deficit of FY 2023 and nearly $400 billion more than FY 2022. Government spending jumped 10% year over year to reach $6.8 trillion. The biggest expenditures included Social Security ($1.5 trillion), interest payments on debt ($950 billion), and Medicare ($869 billion).

Federal debt also swelled by $2.2 trillion over the past year, hitting an all-time high of $35.7 trillion this week. The trend underscores the persistent crisis of U.S. deficit spending.