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What are the Federal Budget Actuals for FY 2024?
From US Treasury Monthly Report for September 2024.
Total Federal Outlays: $6.75 trillion
Total Federal Receipts: $4.92 trillion
Federal Deficit: $1,831 billion
Total Federal Debt: $35.23 trillion
Details of Budgeted vs. Actual Outlays for FY 2024
Budget of the United States Government
Definition: Every year in February the President of the United States is required to send to Congress a budget request for the fiscal year that begins the following October.
FY23 Federal Budget also: Spending Budget
Recent and budgeted headline federal budget numbers in the FY23 Budget including overall revenue, deficit, and debt.
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FY23 Federal Budget: Revenue by Type
Recent and budgeted federal revenue in the FY23 Budget
for major federal revenue types.
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Click for Budget Detail
Notes
Data Sources: Federal Revenue from Budget of the United States Government.
For a discussion of the sources of the government revenue data used here read How We Got the Data for usgovernmentspending.com.
Budget Updates: The president’s budget is typically published each year in February.
Other budgets:
FY86 FY87 FY88 FY89 FY90 FY91 FY92 FY93 FY94 FY95 FY96 FY97 FY98 FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
Federal Budget in History
in dollars | in percent GDP |
1863 - Gross federal debt exceeded $1 billion for first time. 1865 - Federal spending exceeded $1 billion for first time. 1914 - Federal spending exceeded $1 billion for second time. 1918 - Gross federal debt exceeded $10 billion for first time. 1921 - Bureau of the Budget established by Budget and Accounting Act. 1943 - Gross federal debt exceeded $100 billion for first time. 1970 - Office of Management and Budget created. 1982 - Gross federal debt exceeded $1 trillion for first time. 1987 - Federal spending exceeded $1 trillion for first time. 2009 - Gross federal debt exceeded $10 trillion for first time. | 1792 - Federal debt at 35 percent GDP. 1795 - Federal spending at two percent GDP. 1854 - Federal debt at one percent GDP. 1865 - Federal spending at 13 percent GDP at height of Civil War. 1867 - Federal debt at 32 percent GDP after Civil War. 1907 - Federal spending at 2.2 percent GDP. 1913 - Federal debt at 7.5 percent GDP. 1919 - Federal spending at 24 percent GDP at height of World War I. 1919 - Federal debt at 35 percent GDP after World War I. 1929 - Federal spending at 3.7 percent GDP. 1929 - Federal debt at 16 percent GDP. 1945 - Federal spending at 48 percent GDP at height of World War II. 1946 - Federal debt at 122 percent GDP after World War II. 1951 - Federal spending at 14.4 percent GDP. 1981 - Federal debt at 32 percent GDP. 1982 - Federal spending at 23 percent GDP. 1995 - Federal debt at 66 percent GDP. 2000 - Federal spending at 18 percent GDP. 2009 - Federal spending at 24 percent GDP. 2011 - Federal debt at 97 percent GDP. |
Federal Budget Process
This Budget of the United States Government starts the annual “budget process” that ends when Congress passes and the president signs the annual appropriations bills or continuing resolutions to fund the federal government for another fiscal year.
On this page you can see headline numbers for budgeted revenue (or “receipts”), deficits, and also for major revenue types. Click here for details of receipts by function for the next five years.
Source: Budget of the United States Government.
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Revenue Data Sources
Revenue data is from official government sources.
- Federal revenue data since 1962 comes from the president’s budget.
- All other revenue data comes from the US Census Bureau.
Gross Domestic Product data comes from US Bureau of Economic Analysis and measuringworth.com.
Detailed table of revenue data sources here.
Federal revenue data begins in 1792.
State and local revenue data begins in 1820.
State and local revenue data for individual states begins in 1957.
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Data Sources for 2020_2027:
Sources for 2020:
GDP, GO: GDP, GO Sources
Federal: Fed. Budget: Hist. Tables 2.1, 2.4, 2.5, 7.1
State and Local: State and Local Gov. Finances
'Guesstimated' by projecting the latest change in reported revenue forward to future years
Sources for 2027:
GDP, GO: GDP, GO Sources
Federal: Fed. Budget: Hist. Tables 2.1, 2.4, 2.5, 7.1
State and Local: State and Local Gov. Finances
'Guesstimated' by projecting the latest change in reported revenue forward to future years
> data sources for other years
> data update schedule.
Blog
State and Local Finances for 2023
On September 11, 2025 we updated the state and local spending and revenue for FY 2023 using the new Census Bureau State and Local Government Finances summaries for FY 2023 released on July 31, 2025. (See also Annual Survey of State and Local Government Finances). The release includes state and local spending for the United States as a whole and the 50 individual states and the District of Columbia.
State and local spending and revenue for FY2023 are now actual historical spending as reported by the Census Bureau. In addition, the Census Bureau published updated tables for 2021 and 2022.
We have updated the "guesstimated" state and local finances for FY2024-30 as indicated in our "guesstimate" blog entries.
We have also updated data for individual local government units with data for 2023.
Beginning in 2022 the Census Bureau has changed the value for Line 56 Direct Expenditure and Line 7 General Revenue from own sources, as follows:
We have decided to end our publication of non-insurance trust cash and security holdings.
However, to keep the time series at usgovernmentspending.com consistent, we have decided to add insurance-trust values back into Line 56 and Line 7 values.
In March 2025 the US Census Bureau released data on state finances for FY 2023 here and ...
On June 24, 2025, usgovernmentspending.com updated its data for agency debt from the Federal Reserve Board database. Data is now available for the period 1945-2024. You can see our Agency Debt page ...
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presented by Christopher Chantrill