Us Budget 2024 Summary Notes. Federal deficit of $1.834 trillion for fiscal 2024, the highest in the post. In cbo’s projections, the federal budget deficit in fiscal year 2024 is $1.9 trillion.

President biden ’s fiscal year 2024 budget outlines several major tax increases that would add up to nearly $4.8 trillion in new taxes targeted at businesses. Alan auerbach and william gale analyze the federal budget outlook, finding that the debt to gdp ratio will rise to 211% by 2054 under current policy.