Biden-Harris set incredible record for deficit spending, outside of COVID years

Topline: The federal government had a $1.8 trillion budget deficit in fiscal year 2024, according to new estimates published by the Congressional Budget Office.

It’s the largest one-year deficit the government has ever reported besides 2020 and 2021, when spending soared due to the pandemic.

Key facts: The government brought in $4.9 trillion of revenue in fiscal year 2024, $479 billion more than the previous year. More than half of the increase came from higher income tax payments...