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1. 📉
The U.S. Has Run Deficits in Most Years Since 1960
- The federal government has run a budget deficit in 56 of the last 63 years.
- A deficit occurs when annual government spending exceeds revenue.
📌 U.S. Treasury historical data:
https://fiscaldata.treasury.gov/americas-finance-guide/federal-deficit
2. 💸
Recent Deficits Have Been Enormous
| Fiscal Year | Deficit (in trillions) |
|---|---|
| 2020 | $3.1 trillion |
| 2021 | $2.8 trillion |
| 2022 | $1.4 trillion |
| 2023 | $1.7 trillion |
| 2024 (projected) | ~$1.9 trillion |
- These deficits are among the largest in U.S. history, driven by tax cuts, COVID relief, and high spending levels.
📌 Congressional Budget Office (CBO) data:
https://www.cbo.gov/publication/59784
📌 U.S. Treasury Monthly Statement: