The Congressional Budget Office estimated a U.S. federal deficit of $1.83 trillion for fiscal year 2024, the highest in the post-COVID era, as debt interest costs jumped sharply and expenditures on Social Security, Medicare, and health insurance rose.
The estimate shows an 11 percent deficit from the $1.7 trillion gap for fiscal year 2023 but slightly below the $1.9 trillion deficit estimated in June by the Congressional Budget Office.
The Congressional Budget Commission estimates that the "core" deficit, which assumes no changes to existing laws, will grow by $22 trillion over the next ten years.
