Federal deficit nears $2 trillion and getting worse, experts warn

The federal government's budget deficit was nearly $2 trillion last year and is expected to widen further in future years, with experts warning that the government needs to rein in deficits to ensure fiscal stability.
The nonpartisan Congressional Budget Office (CBO) released its preliminary estimated deficit for fiscal year 2024, which was $1.834 trillion. The FY2024 deficit was $139 billion larger than the actual deficit recorded in the prior fiscal year, as spending growth eclipsed the rise in tax revenue.