Us Budget 2024 Newsmax. Budget deficit reached $1.8 trillion in fiscal year 2024, driven by increased spending on social security, medicare, and interest payments on the national. In cbo’s projections, the federal budget deficit in fiscal year 2024 is $1.9 trillion.
Adjusted to exclude the effects of shifts in the timing of certain payments, the deficit amounts to. Economic growth slows in 2024 as unemployment increases, partly as a result of tight monetary policy.