CBO Estimates 2024 Deficit Totaled $1.8 Trillion

The Congressional Budget Office (CBO) released its estimate of the Fiscal Year (FY) 2024 budget deficit in its Monthly Budget Review, showing a $1.8 trillion deficit for the year. This is $139 billion larger than the $1.7 trillion official deficit of FY 2023, or 8 percent. CBO also estimates $4.9 trillion of revenue collections in FY 2024, an increase of 11 percent from FY 2023, and $6.8 trillion of outlays, a 10 percent increase from last year.

Debt also continues to grow, rising by $2.1 trillion in 2024 to $28.3 trillion. Using revised GDP numbers, we estimate that the debt as a share of GDP is now 98 percent, up from 96 percent in 2023.