The U.S. government is expected to generate $4.89 trillion in revenues for fiscal year 2024, according to the latest projection by the Congressional Budget Office.
The CBO on Tuesday issued an update to its budget and economic outlook for the 10-year period beginning FY 2024, in which the agency also projected government revenues rising to $7.459 trillion by 2034.
Outlays, however, are expected to outpace revenues. For 2024, outlays are projected to reach $6.88 trillion, resulting in a deficit of $1.99 trillion. By 2034, outlays are projected to reach $10.305 trillion, resulting in a deficit of $2.846 trillion.
The 2024 deficit will account for 7 percent of gross domestic product while the 2034 deficit will account for 6.9 percent of GDP.
