Deficit Totaled $2.0 Trillion in Calendar Year 2024

The federal budget deficit totaled $2.0 trillion for calendar year 2024, an increase of roughly $200 billion from the Fiscal Year 2024 deficit and $248 billion from the calendar year 2023 deficit. The Congressional Budget Office (CBO) estimates the December monthly budget deficit was $85 billion. The calendar year deficit is also the equivalent of the rolling deficit for this month, and it was $44 billion less than the rolling deficit through November 2024. 

As a share of the economy using preliminary estimates for calendar year 2024 Gross Domestic Product (GDP), the deficit was about 6.9 percent of GDP compared to 6.4 percent of GDP in 2023.

Total nominal spending for the calendar year was $6.9 trillion and total revenue was $4.9 trillion, compared to $6.3 trillion and $4.5 trillion in calendar year 2023, respectively.