Graph and download economic data for Federal Surplus or Deficit - from Oct 1980 to May 2025 about budget, federal, and USA.

Graph and download economic data for Federal Surplus or Deficit [-] as Percent of Gross Domestic Product (FYFSGDA188S) from 1929 to 2024 about budget, federal, GDP, and USA.

In 2023, the U.S. government had a budget deficit of 1.69 trillion U.S. dollars. This is compared to 2000, when the government had a budget surplus of 0.24 trillion U.S. dollars.

U.S. Government budget

The government budget is a financial statement that demonstrates the government’s suggested revenues and spending for the financial year. Budget surpluses occur when income exceeds expenditures. Budget deficits occur when spending exceeds income. The budget balance of the U.S. government has fluctuated since 2016, and is expected to decrease slightly by 2026.

Military spending

Defense outlays in the United States amounted to 714 billion U.S. dollars in 2020. It is expected to continue to increase over the next several years. The United States currently has the largest defense budget in the world, and is the largest employer in the world. The military budget funds the Army, Marine Corps, Navy, and Air Force. The amount of funding that goes towards the Department of Defense is heavily criticized by Democrats in the United States, because they believe that the funding should be more evenly distributed towards other social welfare programs such as public health insurance and education.

The United States recorded a government budget surplus of 27000 USD Million in June of 2025. This dataset provides - United States Government Budget Value - actual values, historical data, forecast, chart, statistics, economic calendar and news.

By 2034, the gross federal debt of the United States is projected to be about 54.39 trillion U.S. dollars. This would be an increase of around 21 trillion U.S. dollars from 2023, when the federal debt was around 33 trillion U.S. dollars.

The federal debt of the U.S.

The federal debt, also called the national debt or public debt, is the amount of debt held by the United States government. This debt may be to other countries, or to different departments within the government itself. The public debt of the United States has increased significantly over the past 30 years, as it was around 3.2 trillion U.S. dollars in 1990 and surpassed 30 trillion dollars for the first time in 2022. When broken down per capita, the national debt amounted to about 80,885 U.S. dollars of debt per person in the United States in 2021.

The problem of the federal debt

Over the past decade, the federal debt limit in the United States has increased significantly. The U.S. debt ceiling can only be changed by an act of Congress which is then signed by the president. The raising of the ceiling has become a recurring political issue in recent years, especially during times when the Presidency and chambers of Congress are controlled by different parties.

The debt ceiling is a tool that allows the Treasury to issue bonds without congressional approval, allowing for efficiency in the way that the government pays for programs and services. It is thought to be further valuable in that it keeps federal finances in check. However, when the two parties are unable to come to an agreement on raising the debt ceiling, the government comes to a shutdown because they can no longer fund themselves. The Republican Party in particular often positions itself against raising the federal debt ceiling, characterizing themselves as the party of fiscal conservativism. However, analyses have shown that both parties have contributed to the country's debt in almost equal measures.

Adding to national debt is an inevitable fact of being President of the United States. The extent to which debt rises under any sitting president depends not only on the policy and spending choices they have made, but also the choices made by presidents and congresses that have come before them. Ronald Reagan and George W. Bush President Ronald Reagan increased the U.S. debt by around **** trillion U.S. dollars, or ****** percent. This is often attributed to "Reaganomics," in which Reagan implemented significant supply-side economic policies in which he reduced government regulation, cut taxes, and tightened the money supply. Spending increased under President George W. Bush in light of the wars in Iraq and Afghanistan. To finance the wars, President Bush chose to borrow the money, rather than use war bonds or increase taxes, unlike previous war-time presidents. Additionally, Bush introduced a number of tax cuts, and oversaw the beginning of the 2008 financial crisis. Barack Obama President Obama inherited both wars in Iraq and Afghanistan, and the financial crisis. The Obama administration also did not increase taxes to pay for the wars, and additionally passed expensive legislation to kickstart the economy following the economic crash, as well as the Affordable Care Act in 2010. The ACA expanded healthcare coverage to cover more than ** million more Americans through programs like Medicare and Medicaid. Though controversial at the time, more than half of Americans have a favorable view of the ACA in 2023. Additionally, he signed legislation making the W. Bush-era tax cuts permanent.

The United States recorded a Government Debt to GDP of 124.30 percent of the country's Gross Domestic Product in 2024. This dataset provides - United States Government Debt To GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The United Kingdom recorded a Government Budget deficit equal to 4.80 percent of the country's Gross Domestic Product in 2024. This dataset provides - United Kingdom Government Budget - actual values, historical data, forecast, chart, statistics, economic calendar and news.

In 2023, the gross federal debt in the United States amounted to around ****** U.S. dollars per capita. This is a moderate increase from the previous year, when the per capita national debt amounted to about ****** U.S. dollars. The total debt accrued by the U.S. annually can be accessed here. Federal debt of the United States The level of national debt held by the United States government has risen sharply in the years following the Great Recession. Federal debt is the amount of debt the federal government owes to creditors who hold assets in the form of debt securities. As with individuals and consumers, there is a common consensus among economists that holding debt is not necessarily problematic for government so long as the public debt is held at a sustainable level. Although there is no agreed upon ratio of debt to gross domestic product, the increasing debt held by the Federal Reserve has become a major part of the political discourse in the United States. Politics and the national debt In recent years, debate over the debt ceiling has been of concern to domestic politicians, the owners of federal debt, and global economy as a whole. The debt ceiling is a legislated maximum amount that national debt can reach intended to impose a degree of fiscal prudence on incumbent governments. However, as national debt has grown the debt ceiling has been reached, thus forcing legislative action by Congress. In both 2011 and 2013, new legislation was passed by Congress allowing the debt ceiling to be raised. The Budget Control Act of 2011 and the No Budget, No Pay Act of 2013 successively allowed the government to avoid defaulting on national debt and therefore avert a potential economic crisis.

Abstract (en): When the government runs a deficit, it can borrow from the public -- that is, it can create debt. Conversely, when the government runs a surplus, it can retire that debt. For the past three years, the federal government has recorded budget surpluses, and both the White House Office of Management and Budget and the Congressional Budget Office project that these surpluses will increase for at least the next decade. If these projections prove to be accurate, the $3.5 trillion of publicly held federal debt could be eliminated by around 2010. This article, which was written prior to the updated estimates published in January 2001, assesses the likelihood that these projected surpluses will materialize, and consequently eliminate the public debt, by comparing previous budget projections with actual outcomes. The authors show that the long-term budget projections have not provided a useful indicator of actual experience. Principally, these errors occur because of changes in macroeconomic conditions or unforeseen legislative actions, which both result in unanticipated increases or decreases in revenues or outlays. Not surprisingly, the projections have proven to be less reliable the longer the projection horizon. Moreover, over the period of available data, the projections have been biased upward, i.e., the actual deficits have been larger than projected. Accordingly, the authors suggest that prospects for eliminating the public debt may be overstated. (1) One file was submitted, 0103kkd.xls. The file contains data and calculations. (2) These data are part of ICPSR's Publication-Related Archive and are distributed exactly as they arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the investigators if further information is desired.

The notion of “starving the beast” has been an important justification for fiscal programs emphasizing revenue reductions since the mid-1970s. While the idea of restraining government spending by limiting government revenues has an intuitive appeal, there is convincing evidence the reducing federal tax rates without coordinated reductions in federal spending actually produces long-term growth in spending. This perverse result is explained by a theory of “fiscal illusion.” By deferring the costs of government services and benefits through deficit financing, starve the beast policies have the effect of lowering the perceived price of government in the minds of many citizens. We assess the principal behavioral prediction of the fiscal illusion theory. Incorporating estimates of the effects of federal deficits into a standard substantive model of Stimson's mood index, we find strong support for a subjective price-driven theory of demand for government. In particular, we find that the size of the federal budget deficit is significantly associated with greater demand for government services and benefits. This may have important implications for contemporary debates about fiscal discipline.

BEA Account Code: M318501

For more information about this series, please see http://www.bea.gov/national/.

Australia recorded a Government Budget surplus equal to 0.60 percent of the country's Gross Domestic Product in 2024. This dataset provides - Australia Government Budget - actual values, historical data, forecast, chart, statistics, economic calendar and news.

In September 2023, the national debt of the United States had risen up to 33.17 trillion U.S. dollars. The national debt per capita had risen to 85,552 U.S. dollars in 2021. As represented by the statistic above, the public debt of the United States has been continuously rising.

U.S. public debt Public debt, also known as national and governmental debt, is the debt owed by a nations’ central government. In the case of the U.S., national debt is owed by the federal government to Treasury security holders. Generally speaking, government debt increases with government spending, and can be decreased through taxes. During the COVID-19 pandemic, the U.S. government increased spending significantly to finance virus infrastructure, aid, and various forms of economic relief.

International public debt

Venezuela leads the global ranking of the 20 countries with the highest public debt in 2021. In relation to the Gross Domestic Product (GDP), Venezuela's public debt amounted to around 306.95 percent of GDP. Eritrea was ranked fifth, with an estimated debt of 170 percent of the Gross Domestic Product.

The national debt of the United Kingdom is forecasted to grow from 87 percent in 2022 to 70 percent in 2027, in relation to the Gross Domestic Product. These figures include England, Wales, Scotland as well as Northern Ireland.

Greece had the highest national debt among EU countries as of the 4th quarter of 2020 in relation to the Gross Domestic Product. Germany ranked 13th in the EU, with its national debt amounting to 69 percent of GDP in the same time period.

Tuvalu was one of the 20 countries with the lowest national debt in 2021 in relation to the GDP, while Macao had an estimated level of national debt of zero percent, the lowest of any country. The data refer to the debts of the entire state, including the central government, the provinces, municipalities, local authorities and social insurance.

Iran recorded a Government Budget deficit equal to 5.50 percent of the country's Gross Domestic Product in 2023. This dataset provides - Iran Government Budget - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Graph and download economic data for Federal Outlays: Interest as Percent of Gross Domestic Product (FYOIGDA188S) from 1940 to 2024 about outlays, federal, percent, interest, GDP, and USA.

Mexico recorded a Government Budget deficit equal to 5.70 percent of the country's Gross Domestic Product in 2024. This dataset provides - Mexico Government Budget - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Key information about United States Government Debt: % of GDP

• United States Government debt accounted for 124.0 % of the country's Nominal GDP in Dec 2024, compared with the ratio of 123.1 % in the previous quarter.
• US government debt to GDP ratio data is updated quarterly, available from Mar 1969 to Dec 2024.
• The data reached an all-time high of 130.4 % in Mar 2021 and a record low of 31.8 % in Sep 1974.

CEIC calculates quarterly Government Debt as % of Nominal GDP from monthly Government Debt and rolling sum of quarterly Nominal GDP. The Bureau of the Fiscal Service provides Government Debt in USD. The Bureau of Economic Analysis provides Nominal GDP in USD. Government Debt covers Central Government only.


Related information about United States Government Debt: % of GDP

• In the latest reports, US National Government Debt reached 36,220.2 USD bn in Jan 2025.
• The country's Nominal GDP reached 6,632.4 USD bn in Mar 2023.

ABSTRACT The federal budget of the United States displayed only 8 surpluses in the whole post-World War II period, the last of which was in 1969. Several theories have been developed in an attempt to explain the persistency of the Federal deficits. Due to the Keynesian/stagnationist views predominant among leftist theorists, emphasis has been put on the analysis of the expenditure side of government finances and its role of supporting aggregate demand. Little if any attention at all was paid to the revenue side, particularly to the impact of diminishing corporate profitability on government tax revenues. This article estimates the tax losses that have resulted from the sharp decrease in profitability in the last 45 years. It concludes by pointing out some wider economic consequences of large deficits, such as the foreign debt of the United States which is the largest in the world, and the present regressive tendencies of the American tax system.

Graph and download economic data for Federal Debt: Total Public Debt (GFDEBTN) from Q1 1966 to Q1 2025 about public, debt, federal, government, and USA.