American Budget Deficit

 In the last six years, the U.S. budget deficit has varied significantly due to changing economic conditions, especially during and after the COVID-19 pandemic. Here’s an overview:

1. 2018: The federal deficit was around $779 billion, an increase from previous years due to tax cuts and increased spending.
2. 2019: The deficit reached approximately $984 billion, influenced by steady government spending increases and continued effects from the 2017 tax cuts.
3. 2020: Due to the pandemic, the deficit surged to a record $3.1 trillion as the government launched extensive relief programs and stimulus measures.
4. 2021: Federal spending remained high to support pandemic recovery, resulting in a $2.8 trillion deficit.
5. 2022: As COVID-19 relief measures phased out, the deficit dropped to around $1.38 trillion.
6. 2023: The deficit rose again, reaching $1.7 trillion, partially due to rising interest costs on national debt.

By 2024, the deficit was projected to continue growing, with long-term concerns centered on spending sustainability and rising interest rates, which add to the government's borrowing costs. For additional details, you can consult resources like the Monthly Treasury Statement and historical analyses from USAFacts and USA Debt Now