The federal government recorded a budgetary deficit in each of the latest ten completed fiscal years.
Deficits were comparatively smaller before the pandemic, ranging from $2.9 billion to $39.4 billion. They then reached a historic $327.7 billion in 2020–21 as federal spending increased sharply during the pandemic.
The deficit subsequently declined but remained below zero, reaching $36.3 billion in 2024–25. Combined, the ten annual deficits totalled approximately $645.7 billion.
A deficit occurs when the government’s annual expenses exceed its revenues. It differs from federal debt, which reflects accumulated deficits and other adjustments over time.
Verified Data
Fiscal year | Balance |
|---|---|
2015–16 | −$2.9B |
2016–17 | −$19.0B |
2017–18 | −$19.0B |
2018–19 | −$14.0B |
2019–20 | −$39.4B |
2020–21 | −$327.7B |
2021–22 | −$90.3B |
2022–23 | −$35.3B |
2023–24 | −$61.9B |
2024–25 | −$36.3B |