Deficit Nears $2 Trillion as Lawmakers Borrow $5 Billion per Day

The U.S. annual deficit is nearing $2 trillion for this fiscal year, almost double the record deficits before the COVID-19 pandemic, as federal borrowing hit more than $5 billion per day. The U.S. Congressional Budget Office reported that the federal deficit hit an estimated $1.8 trillion in fiscal year 2024, $139 billion higher than the deficit from the previous fiscal year. The troubling deficit news comes as the national debt continues to soar, drawing closer to $36 trillion. “Within the next dozen years, three major trust funds – for highways, Medicare, and Social Security – will run out of reserves, forcing us to reckon with even tougher decisions on how to keep important government priorities afloat,” Maya MacGuineas, president of the Committee for a Responsible Federal Budget, said in a statement.