In fiscal year 2023, the federal government took in a whopping $4.4 trillion of revenue. However, because it spent $6.1 trillion, there was a deficit of $1.7 trillion. There is no excuse for such a large deficit during a non-recession peacetime year.
Created July 24, 2024
Source: CBO
Since President Biden took office, he has overseen a deficit increase that is expected to reach $7.15 trillion through 2031.
Updated June 27, 2024
Source: Congressional Budget Office
In 2023, individual income taxes comprised 48 percent of all federal revenues. This is followed by payroll taxes, which provided 35 percent of all revenues.
Updated August 31, 2023
Source: Congressional Budget Office
Spending from the Highway Trust Fund consistently exceeds revenues, and Congress made these deficits worse with the 2021 infrastructure package.
Additional Sources: Federal Highway Administration
Updated February 8, 2024
Source: Congressional Budget Office
Federal spending will increase by more than $3.5 trillion from 2023 through 2033. Three major budget categories—health care, social security, and interest on the debt—will account for 81 percent of this spending growth.
Updated February 8, 2024
Source: Congressional Budget Office
In 2023, major entitlement programs—Social Security, Medicare, Medicaid, Obamacare, and other health care programs—consumed 50 percent of all federal spending. Soon, this spending will be larger than the portion of spending for all other priorities (such as national defense) combined.
Updated March 28, 2024
Source: Office of Management and Budget
If a median-income American family spent money like the U.S. government, it would have spent all of its earnings, and then put over $28,000 on the credit card in 2023 even though it was already $573,000 in debt.
Additional Sources: U.S. Census Bureau Treasury Direct
Updated February 8, 2024
Source: Congressional Budget Office
Absent reform, the Congressional Budget Office projects that budget deficits will rise sharply over the coming decade. Heritage’s budget plan—Blueprint for Balance—reforms entitlements, right-sizes discretionary spending, eliminates deficits, and reduces taxes.
Additional Sources: Office of Management and Budget The Heritage Foundation’s Calculations
Source: Congressional Budget Office
