What is the Deficit?

deficit (surplus) - The amount by which outlays exceed receipts in a given fiscal period. (A surplus would be the amount by which receipts exceed outlays.) US Senate Glossary

In FY 2020 the federal deficit was $2,909 billion. But the gross federal debt increased by $4,010 billion. Here is why.

This year, FY 2021, the federal government in its latest budget has estimated that the deficit will be $966 billion.

Here is the federal deficit by year for the last decade:

Federal Deficits in billions 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 $1,300 $1,077 $680 $485 $442 $585 $665 $779 $984 $2,909

Click for deficits from 1960 to present.

See also deficit as percent of GDP.