Rising Federal Deficits
The federal deficit is projected to decline in 2021, but is expected to remain high over the next decade
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The federal deficit is projected to decline in 2021, but is expected to remain high over the next decade
Historically, debt and deficits rose with wars and economic downturns. Today, they rise from factors such as growing healthcare costs and an aging population.
Beyond 2030, rising interest costs are the driving factor in projected growth in annual deficits.
https://www.pgpf.org/chart-archive/0280_net_interest_primary_deficit
Recessions and countercyclical policies generally increase deficits, but deficits tend to diminish during and after recoveries.
https://www.pgpf.org/chart-archive/0307_deficits_and_recessions
Deficits would be even higher under an alternative fiscal scenario.
The U.S. spent $820 billion on national defense during fiscal year (FY) 2023 according to the Office of Management and Budget, which amounted to 13 percent of federal spending.
https://www.pgpf.org/budget-basics/budget-explainer-national-defense
Social Security will run a cumulative cash deficit of $2.9 trillion between now and 2035.
https://www.pgpf.org/chart-archive/0030_social-security-deficits-gdp
Similar to previous years, this budget largely relies on very optimistic projections of economic growth and unlikely budget cuts to reduce the deficit.
Every month the U.S. Treasury releases data on the federal budget, including the current deficit. Here is the data for July 2023.
https://www.pgpf.org/the-current-federal-budget-deficit/budget-deficit-July-2023
Every month the U.S. Treasury releases data on the federal budget, including the current deficit. Here is the data for August 2023.
https://www.pgpf.org/the-current-federal-budget-deficit/budget-deficit-August-2023