The U.S. government faced one of its largest budget deficits ever in fiscal year 2024, due to rising interest rates and government spending significantly exceeding revenue.
This graphic visualizes the U.S. government’s final budget results for the fiscal year 2024, showing the total receipts and outlays.
The data comes from the U.S. Department of the Treasury (https://www.fiscal.treasury.gov/files/reports-statements/mts/mts0924.pdf), with the U.S. fiscal year running from Oct. 1, 2023 to Sept. 30, 2024.
Receipts are the total revenue the government collects from taxes and other income sources. Meanwhile, outlays are the total amount the government spends on public services, programs, and other expenses.
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What's 1.8T amongst friends?
1.83T 🤠
And counting.
With 2 of the biggest being Social Security and Medicare someone at some point is going to have to address this because the population growth isn’t a given in the US to keep Social Security alive
That is a looooooot of red.