12-Month Rolling Deficit Totals $2.0 Trillion in October 2024
The federal budget deficit totaled $2.0 trillion between November 2023 and October 2024 according to estimates from the Congressional Budget Office's Monthly Budget Review. The rolling deficit is $188 billion higher than the Fiscal Year 2024 deficit of $1.8 trillion and $14 billion higher than the same period last year.
CBO estimates the federal government borrowed $255 billion in October 2024 compared to $67 billion in October 2023. This difference in borrowing is due to timing shifts which increased outlays this year and revenue shifts which boosted tax payments in October 2023 that had been deferred. Compared to the previous 12-month period, the end of FY 2024, total nominal spending is up from $6.2 trillion to $6.9 trillion (23.7 percent of GDP) and total revenue is up from $4.5 trillion to $4.8 (16.7 percent of GDP).
CBO also provided more insight on the final numbers for Fiscal Year 2024 and found that total revenue increased by $479 billion, 11 percent, due to an increase in individual income tax collections. Total spending increased by $617 billion, 10 percent, between FY 2023 and FY 2024 led by higher net interest payments on the debt, larger refundable tax credit outlays, high veterans spending, and growing Social Security and Medicare benefit payments.
The gap between spending and revenues continue to add to our deteriorating fiscal situation. Policymakers should work together to bring spending and revenue in line and get the economy and our fiscal health back on track.
