State & National News

Federal Budget Infographic

December 14, 2011

The federal government’s budget deficit for fiscal year 2011 was $1.3 trillion; at 8.7% of gross domestic product (GDP 2011: $15 trillion)–which is the sum of all income earned in the domestic production of goods and service–that deficit was the third-largest shortfall in the past 40 years.

In 2011, federal spending (outlays) exceeded 24% of GDP, the third-highest level in the past 40 years, while federal revenues were just over 15% of GDP, the third-lowest level during that period. If economic conditions improve, spending will decline relative to GDP and revenues will rise. But even so, under current policies, a large gap between spending and revenues will persist.

At the end of fiscal year 2011, debt held by the public amounted to $10.1 trillion, or 67% of GDP. Another $4.6 trillion in Treasury securities were held by other federal government accounts, representing amounts that one part of the government (mostly the Social Security Administration) had lent to another (the Treasury).

See budgetinfographic

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