The federal government spent $3.1 trillion more than it brought in as revenue in fiscal year 2020, which began October 2019 and ended September 2020. During that time, the government spent a total of $6.5 trillion and brought in a total of $3.4 trillion. The most recent budget surplus was in 2001.
Total federal government public debt is now up to approximately $26 trillion. As of the end of the second quarter of 2020, the public debt was 136% of, or 36% larger than, the nation’s gross domestic product.
