CBO Estimates $1.9 Trillion Deficit for First 11 Months of Fiscal Year

In the first eleven months of fiscal year 2024, the United States borrowed $1.9 trillion, including $381 billion in August, according to the latest Monthly Budget Review from the Congressional Budget Office.

The following is a statement from Maya MacGuineas, president of the Committee for a Responsible Federal Budget:

While everyone’s eyes are on the presidential election, our fiscal trajectory continues down an unsustainable path with things continuing to get worse. The United States has borrowed a staggering $1.9 trillion so far this fiscal year, or an average of $6 billion each day of FY 2024. August was a doozy of a month for borrowing, where we added $381 billion to the national debt.

In order for the next president to tackle this issue as they should, they will need to have leveled with the public about the threats the debt presents and what will be needed to fix the problem. So far neither candidate has come close to doing this. 

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For more information, please contact Matt Klucher, Assistant Director for Media Relations, at klucher@crfb.org.