US Budget Breakdown by Year: Spending and Revenue

There is no single annual “US budget” figure: federal budget totals vary by fiscal year, and a budget plan is different from the money actually collected and spent. The table below shows federal receipts, outlays and the resulting surplus or deficit for fiscal years 2015–2024, using the Treasury’s final reported figures in current dollars.

Federal Budget by Year

Amounts below are in trillions of dollars, rounded to the nearest billion. “Receipts” means federal revenue collected; “outlays” means federal spending. A deficit occurs when outlays exceed receipts, while a surplus occurs when receipts are greater.

Fiscal year	Receipts	Outlays	Deficit (−) or surplus (+)
2015	$3.250T	$3.688T	−$0.438T
2016	$3.268T	$3.853T	−$0.585T
2017	$3.316T	$3.982T	−$0.665T
2018	$3.330T	$4.109T	−$0.779T
2019	$3.464T	$4.447T	−$0.984T
2020	$3.421T	$6.550T	−$3.129T
2021	$4.046T	$6.822T	−$2.775T
2022	$4.897T	$6.272T	−$1.375T
2023	$4.439T	$6.134T	−$1.695T
2024	$4.919T	$6.752T	−$1.833T

These figures are nominal, not adjusted for inflation. They are rounded, so subtraction of displayed amounts may differ slightly from the published deficit. The data source is the U.S. Treasury’s Monthly Treasury Statement, summarized in its fiscal-year receipts, outlays and deficit totals.

What the Numbers Mean

The federal budget is the government’s annual plan for revenue and spending, but actual budget totals are measured after the fiscal year ends. Receipts are primarily taxes and other income paid to the federal government. Outlays are payments made, including program benefits, contracts, salaries, grants and interest on federal debt.

• Receipts: money collected during the fiscal year.
• Outlays: money paid out during the fiscal year.
• Deficit: outlays minus receipts when spending is higher.
• Surplus: receipts minus outlays when revenue is higher.

A deficit is a one-year flow; the national debt is a stock accumulated over time. Borrowing generally finances deficits, but the debt does not equal one year’s deficit: it reflects many years of borrowing and other accounting adjustments. Likewise, the annual budget total is not the same thing as the amount Congress authorizes for a particular program.

Why Spending Changed So Much

Outlays rose sharply in fiscal 2020 and 2021 as the federal government made large payments and provided assistance during the COVID-19 emergency. As those temporary programs wound down, total outlays fell in 2022. That decrease did not mean spending returned to its pre-pandemic level: 2022 outlays remained substantially above 2019’s total.

Other changes can reflect economic conditions, benefit payments, legislation, timing of payments and interest costs. For example, higher unemployment can affect certain benefit programs, while inflation adjustments and population changes can influence the cost of existing commitments. A year-to-year change in the grand total therefore cannot be attributed to one program without examining detailed budget accounts.

Where Federal Revenue Comes From

Individual income taxes and payroll taxes are major sources of federal receipts. Payroll taxes primarily support Social Security and Medicare, while corporate income taxes, excise taxes, customs duties and other receipts contribute additional revenue. The shares vary from year to year as earnings, profits, tax provisions and economic activity change.

Revenue totals should not be confused with all taxes paid in the United States. State and local governments collect their own taxes, and those amounts are not included in the federal receipts column. Nor does the table show how much a particular household or business pays; it reports national totals.

Budget Plan Versus Actual Spending

People use “the budget” to mean several different things. The President submits a budget proposal, Congress considers spending and revenue legislation, and agencies carry out programs under enacted laws. Final Treasury totals show what the federal government actually recorded for the year. Proposed budgets and congressional plans can differ from those outturns, so comparisons should use the same kind of figure.

Federal fiscal years run from October 1 through September 30. Thus, fiscal year 2024 began October 1, 2023, and ended September 30, 2024; it does not match calendar year 2024. This timing matters when comparing government totals with annual household, business or economic statistics.

How to Compare Years Fairly

Current-dollar totals are useful for seeing the cash amounts recorded, but they do not account for inflation or the size of the economy. A dollar in an earlier year bought more than a dollar in a later year. For a more meaningful long-run comparison, readers commonly examine:

• Inflation-adjusted dollars: converts amounts into the purchasing power of a chosen year.
• Budget totals as a share of GDP: relates federal receipts or outlays to the size of the economy.
• Per-person amounts: divides totals by population, while still requiring care about inflation.
• Program-level data: separates categories such as defense, health, Social Security and interest.

Each comparison answers a different question. A nominal increase may reflect higher prices rather than a comparable increase in services or purchasing power. And the percentage of GDP can change because of GDP movement as well as changes in the federal budget.

Frequently Asked Questions

What was the US budget deficit in 2024?
For fiscal year 2024, federal outlays were about $6.752 trillion and receipts about $4.919 trillion, producing a deficit of roughly $1.833 trillion.

Is the federal budget the same as the national debt?
No. The budget records annual receipts and outlays; the national debt is the accumulated amount the federal government owes, subject to accounting adjustments.

Does fiscal year 2024 mean January through December 2024?
No. The federal fiscal year 2024 ran from October 1, 2023, through September 30, 2024.

Why did federal spending jump in 2020?
Outlays rose amid emergency pandemic response and economic support programs. The annual total combines many programs, so it does not represent a single cause or category.

Are these figures adjusted for inflation?
No. They are rounded current-dollar amounts. For historical purchasing-power comparisons, use inflation-adjusted data or compare totals as a share of GDP.

Where can I find more detailed budget data?
The Treasury’s Monthly Treasury Statement reports receipts and outlays, while the Office of Management and Budget’s historical tables provide longer series and program categories.

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