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federal deficit
The U.S. Treasury ran a surplus in April, as tax payments jumped by 22% from a year ago. The federal government is still on track to run a deficit of more than $1.5 trillion this year. Al Drago/Getty Images hide caption
Photograph courtesy of Darian Woods Darian Woods/Darian Woods hide caption
The U.S. budget deficit ballooned in the first nine months of its fiscal year, both because of a sharp increase in government spending and a significant drop in tax revenues. Andy Jacobsohn/AFP via Getty Images hide caption
The federal deficit nearly tripled, raising concern about the country's finances
Sheets of one-dollar bills run through the printing press at the Bureau of Engraving and Printing in 2015 in Washington, D.C. Congressional forecasters projected the federal deficit this fiscal year will hit its highest since World War II. Mark Wilson/Getty Images hide caption
Sheets of $1 bills run through the printing press in 2015 at the U.S. Bureau of Engraving and Printing in Washington, D.C. National debt is expected to reach an all-time high of 107% of gross domestic product in 2023. Mark Wilson/Getty Images hide caption
U.S. To Owe More Than The Size Of Its Economy For The 1st Time In 75 Years
With three months left in the government's fiscal year, the U.S. federal deficit is already nearly twice as large as the previous record, which was set in 2009 during the Great Recession. Olivier Douliery/AFP via Getty Images hide caption
Treasury Secretary Steven Mnuchin speaks about the coronavirus at the White House on March 25. The Treasury said Monday it expects to borrow nearly $3 trillion in the April-June quarter. Alex Brandon/AP hide caption
The economic rescue package just passed by Congress will push this year's budget deficit above $3 trillion. Olivier Douliery/AFP via Getty Images hide caption
The U.S. Was Already Deep In Debt. This Year's Deficit Will Be 'Mind-Boggling'
President Trump's proposed budget projects federal deficits until 2035. J. Scott Applewhite/AP hide caption
Whither The Deficit Hawk: Changing Attitudes On Budget Red Ink Among The GOP
President Trump prepares to sign the tax legislation in the Oval Office on Dec. 22, 2017. The GOP tax cut did not pay for itself, as promised, nor did it deliver a sustained boost to economic growth. Chip Somodevilla/Getty Images hide caption
After 2 Years, Trump Tax Cuts Have Failed To Deliver On GOP's Promises
The federal budget deficit is expected to grow to $960 billion this year, the Congressional Budget Office said. J. Scott Applewhite/AP hide caption
Rep. Alexandria Ocasio-Cortez speaks about the Green New Deal in Washington, D.C., on May 13. She has shined a spotlight on a once-obscure brand of economics known as "modern monetary theory." Cliff Owen/AP hide caption
This Economic Theory Could Be Used To Pay For The Green New Deal
President Trump, pictured delivering his first prime-time address from the Oval Office on Jan. 8, hits the two-year mark of his presidency on Sunday. Pool/Getty Images hide caption
People gather to protest Brett Kavanaugh on the day that he and Christine Blasey Ford testified on Capitol Hill in September. The Washington Post/Getty Images hide caption
When the federal government spends more than it collects in taxes, which it does most years, it has to borrow money to make up the difference. That gap is the federal deficit, which is expected to top $1 trillion in 2019. Alyson Hurt/NPR hide caption
Treasury Building in Washington, D.C. The trend toward rising red ink was widely anticipated, given the GOP tax cuts and other government policies, including the president's demand for beefed-up military spending. Chip Somodevilla/Getty Images hide caption
The government is acting like a spendthrift family, piling up credit card bills even though times are good. Elise Amendola/AP hide caption
Traders work on the floor at the closing bell of the Dow Industrial Average at the New York Stock Exchange on July 26, 2018 in New York. Bryan R. Smith/AFP/Getty Images hide caption
A chart shows the U.S. federal government's spending and revenues, from 1965 projected forward to 2025. Congressional Budget Office hide caption
Inside the Capitol, lawmakers are battling over health care and the budget. Outside, many government services may come to a stop at midnight. Win McNamee/Getty Images hide caption