2024 Budget Deficit. Budget deficit reached $1.897 trillion for the first 11 months of the 2024 fiscal year, the treasury department said on thursday, as annual interest costs on the public. The biden administration rang up a budget deficit topping $1.8 trillion in fiscal 2024, up more than 8% from the previous year and the third highest on record, the treasury.

Government aims to reach a deficit below 4.5 per cent next year. In february, the congressional budget office released its annual budget and economic outlook and projected that the nation will run a $1.6 trillion deficit in fy2024.