Economy
💸 The U.S. Budget Deficit Is Back on the Rise
![💸 The U.S. Budget Deficit Is Back on the Rise](/_next/image?url=https%3A%2F%2Fcdn.voronoiapp.com%2Fpublic%2Fimages%2Fvoronoi--The-US-Budget-Deficit-Is-Back-on-the-Rise-20240510130617.webp&w=3840&q=75)
What we’re showing
This graphic visualizes the size of the federal budget deficit over the past 5 years.
Key takeaway
The annual deficit has remained above $1 trillion since the onset of the COVID-19 pandemic, with FY2023 showing a slight uptick from FY2022.
Context
- Government revenues fell by 9% compared to FY2022.
- Net interest payments grew by $177 billion (33%) in FY2023, largely due to rising interest rates and growing government debts.
Dataset
Fiscal Year | Deficit (USD billions) |
---|---|
2019 | 984 |
2020 | 3132 |
2021 | 2772 |
2022 | 1377 |
2023 | 1690 |
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