What is the current U.S. federal government deficit?
Current Event Friday
Critical Analysis
Find answers to the following questions using the visual above, your big brain, the information provided and any links below:
A deficit occurs when an entity spending exceeds its revenues. What is the current deficit for the U.S. federal government?
What was the U.S. federal government deficit in 2022?
How much bigger is the 2023 U.S. federal government deficit than the 2022 federal deficit?
How many $1.7 billion would you need to have to equal $1.7 trillion?
The U.S. federal government deficit is $1,695,148,300,531. The U.S. federal government has collected $4,439,283,739,921 in fiscal year 2023. So how much has the federal government spent in 2023?
When you add up all the U.S. federal government deficits and subtract the total number of surpluses (when we spend less than we bring in - which almost never happens) then you have the federal debt (see visual explainer below*). The national debt ($33.68 T) is the total amount of outstanding borrowing by the U.S. Federal Government accumulated over the nation’s history. The current U.S. debt is $33,684,219,111,864 which is updated daily from the Debt to the Penny dataset. Why is the debt so high?
American personal debt is also astronomical. In Federalist No. 51, James “Mad Daddy” Madison writes, “But what is government itself, but the greatest of all reflections on human nature?” Explain the connection between the voters, their personal deficits, and the U.S. federal government deficit.
The budgetary process is complex and requires long negotiations between the Congress and the President. A president proposes an annual budget, but Congress must approve all spending so a president's power over the budget is never absolute. A number of factors control the deficit. The president has no control over the mandatory budget which includes Social Security and Medicare benefits, and interest on the debt. Who do you blame for this year’s enormous deficit?
Article I, Section 7, clause 1 of the U.S. Constitution is known as the Origination Clause because it provides that “All Bills for raising Revenue shall originate in the House of Representatives.” The U.S. House of Representatives elected Mike Johnson (R-LA 4th District) the new Speaker of the House this week. Speaker Johnson is a fiscal conservative meaning that he believes in low taxes, reduced government spending, and minimal government debt. How do you think this new Speaker will impact the budget deficit for the next budget?
The U.S. federal debt is now equal to over $100,000 per citizen. How do you think the U.S. debt will impact your future?
Visual Extension*
Act on your Learning
Contact the White House and let President Joe Biden know what you think he should do about the U.S. deficit.
Or call the White House and tell the President I said hi at phone number:
1-202-456-1414 (Switchboard)
1-202-456-1111 (Comments)
Learn More
Listen to this short NPR story (below left) about the sad state of the U.S. budget deficit
Get Creative
Interview five to ten people (audio, written, or video interviews are all fine) and ask them what they think the debt is. Reveal the actual number and record their reaction. Share a montage of these reactions with your classmates.