What Is The Current Us Deficit 2024. The national debt hit nearly $33.2 trillion at the end of fiscal year 2023. In 2024, the deficit was equal to 6.4 percent of the nation’s gross domestic product (gdp), an increase from 6.2 percent of gdp in 2023.

The federal budget deficit was $1.8 trillion in fiscal year 2024, the congressional budget office estimates. The shortfall was more than 8% from the previous year and the third highest on record, the treasury department said friday.