Government Finance Statistics

GITNUXREPORT 2026

Government Finance Statistics

Federal deficits stayed stubbornly high with a FY 2023 cash basis shortfall of about $2.0 trillion, even as mandatory spending drove outlays to $6.13 trillion. The page lines up the fiscal mechanics behind that gap, from interest costs of $659 billion and the revenue shortfall versus spending overrun split, to the $26.3 trillion debt held by the public and where the financing is actually sitting.

122 statistics5 sections8 min readUpdated 7 days ago

Key Statistics

Statistic 1

Federal budget deficit FY 2023: $1.70 trillion

Statistic 2

Deficit as % of GDP FY 2023: 6.3%

Statistic 3

Primary deficit FY 2023 (excl interest): $1.04 trillion

Statistic 4

Cumulative deficits FY 2021-2023: $5.0 trillion

Statistic 5

CBO baseline deficit projection FY 2024: $1.6 trillion

Statistic 6

FY 2023 unified budget surplus/deficit reconciliation: -$1.695T

Statistic 7

Off-budget deficit FY 2023: -$152 billion (Social Security)

Statistic 8

On-budget deficit FY 2023: -$1.54 trillion

Statistic 9

Structural deficit estimate 2023: 3.9% GDP

Statistic 10

Cyclical component of deficit 2023: ~2.4% GDP

Statistic 11

FY 2023 monthly deficit peak Oct: $352 billion

Statistic 12

Cash basis deficit FY 2023: $2.0 trillion approx

Statistic 13

Deficit financed by borrowing: $2.1 trillion gross

Statistic 14

Historical avg deficit 1970-2023: 3.7% GDP

Statistic 15

Post-WWII avg surplus/deficit: 0.1% GDP surplus

Statistic 16

Bipartisan Policy Center deficit tracker Sep 2023: $1.7T

Statistic 17

Adjusted deficit excl COVID relief FY 2023: $1.4T

Statistic 18

Interest share of deficit growth 2023: 18%

Statistic 19

Revenue shortfall contrib to deficit FY23: 9%

Statistic 20

Spending overrun contrib FY23: 91%

Statistic 21

U.S. public debt held by the public reached $26.3 trillion at end of FY 2023

Statistic 22

Intragovernmental holdings of debt: $7.0 trillion as of Sep 2023

Statistic 23

Total gross federal debt: $33.2 trillion end FY 2023

Statistic 24

Debt held by public as % GDP: 98% in 2023

Statistic 25

Interest cost on public debt: $875 billion projected FY 2024, but FY23 $659B

Statistic 26

Foreign holders of U.S. debt: $7.6 trillion (Japan $1.1T, China $0.8T) Sep 2023

Statistic 27

Federal Reserve holdings of Treasury securities: $4.9 trillion Sep 2023

Statistic 28

Mutual funds hold $3.6 trillion in Treasuries Sep 2023

Statistic 29

State and local govts hold $1.2 trillion Treasuries Sep 2023

Statistic 30

U.S. individuals hold $1.8 trillion in Treasuries Sep 2023

Statistic 31

Pension funds hold $1.0 trillion Treasuries Sep 2023

Statistic 32

Banks hold $3.2 trillion Treasuries Sep 2023

Statistic 33

Insurance companies hold $0.6 trillion Sep 2023

Statistic 34

Debt limit was raised to $31.4 trillion in Dec 2021, breached Jan 2023

Statistic 35

Average interest rate on marketable debt: 2.5% end FY 2023

Statistic 36

10-year Treasury yield averaged 3.96% in 2023

Statistic 37

Maturity structure: 30% debt matures within 1 year Sep 2023

Statistic 38

T-bills outstanding: $5.9 trillion Sep 2023

Statistic 39

T-notes outstanding: $15.5 trillion Sep 2023

Statistic 40

T-bonds outstanding: $4.8 trillion Sep 2023

Statistic 41

Inflation-protected securities: $0.5 trillion

Statistic 42

FRNs outstanding: $0.2 trillion Sep 2023

Statistic 43

SLGS outstanding: $0.2 trillion

Statistic 44

Total debt growth FY 2023: +$2.0 trillion

Statistic 45

Projected debt to GDP 2033: 122%

Statistic 46

FY 2023 total outlays were $6.13 trillion

Statistic 47

Mandatory spending in FY 2023: $3.8 trillion (62% of total)

Statistic 48

Discretionary spending FY 2023: $1.7 trillion (28%)

Statistic 49

Net interest on debt FY 2023: $659 billion (11%)

Statistic 50

Social Security outlays FY 2023: $1.35 trillion

Statistic 51

Medicare spending FY 2023: $839 billion

Statistic 52

Medicaid outlays FY 2023: $616 billion federal share

Statistic 53

Defense discretionary spending FY 2023: $816 billion

Statistic 54

Nondefense discretionary FY 2023: $910 billion

Statistic 55

Veterans benefits FY 2023: $301 billion

Statistic 56

Income security programs FY 2023: $775 billion

Statistic 57

Federal employee retirement benefits FY 2023: $162 billion

Statistic 58

Unemployment compensation FY 2023: $32 billion

Statistic 59

Housing assistance FY 2023: $62 billion

Statistic 60

Food and nutrition assistance FY 2023: $182 billion (SNAP etc.)

Statistic 61

Education spending FY 2023: $79 billion discretionary

Statistic 62

Transportation outlays FY 2023: $109 billion

Statistic 63

Community and regional development FY 2023: $54 billion

Statistic 64

Federal science and research FY 2023: $180 billion

Statistic 65

Environmental protection FY 2023: $10 billion

Statistic 66

International affairs FY 2023: $60 billion

Statistic 67

General government FY 2023: $30 billion

Statistic 68

Agriculture subsidies FY 2023: $28 billion

Statistic 69

Energy outlays FY 2023: $15 billion

Statistic 70

Justice administration FY 2023: $38 billion

Statistic 71

Total federal outlays as % of GDP FY 2023: 23.6%

Statistic 72

Health spending federal share 2023: 28% of national total $1.4 trillion federal

Statistic 73

In fiscal year 2023, U.S. federal government total receipts were $4.44 trillion

Statistic 74

Federal individual income tax receipts in FY 2023 amounted to $2.18 trillion

Statistic 75

Payroll taxes (social insurance) collected $1.61 trillion in FY 2023

Statistic 76

Corporate income taxes generated $420 billion in FY 2023

Statistic 77

Excise taxes brought in $87 billion in FY 2023

Statistic 78

Estate and gift taxes totaled $34 billion in FY 2023

Statistic 79

Customs duties collected $80 billion in FY 2023

Statistic 80

Federal Reserve earnings remitted $116 billion to Treasury in FY 2023

Statistic 81

Miscellaneous receipts were $149 billion in FY 2023

Statistic 82

In FY 2022, individual income taxes were 50.4% of total federal revenue

Statistic 83

Payroll taxes constituted 36.2% of FY 2023 federal receipts

Statistic 84

Corporate taxes were 9.4% of total receipts in FY 2023

Statistic 85

U.S. federal tax revenue as % of GDP was 17.0% in 2023

Statistic 86

Effective federal tax rate for top 1% earners was 25.9% in 2020

Statistic 87

Total federal receipts grew 11% from FY 2022 to FY 2023

Statistic 88

Individual income tax refunds totaled $659 billion in FY 2023

Statistic 89

Federal revenue from capital gains taxes was $307 billion in 2022

Statistic 90

FY 2023 federal receipts from unemployment insurance taxes: $48 billion

Statistic 91

Railroad retirement taxes: $6 billion in FY 2023

Statistic 92

Federal highway trust fund receipts: $52 billion in FY 2023

Statistic 93

Airport and airway trust fund: $15 billion in FY 2023

Statistic 94

Inland waterway trust fund receipts: $0.2 billion in FY 2023

Statistic 95

Federal revenue from oil and gas leases: $12 billion in FY 2023

Statistic 96

Timber sales receipts: $0.1 billion in FY 2023

Statistic 97

Spectrum auction proceeds: $85 billion cumulative since 1994, latest FY 2023 $0

Statistic 98

Patient-Centered Outcomes Research Trust Fund: $1 billion in FY 2023

Statistic 99

U.S. Treasury securities held by public as % of revenue: varies, but interest payments covered by revenue portion

Statistic 100

State and local government total revenue 2022: $3.1 trillion

Statistic 101

State own-source revenue 2022: $1.8 trillion

Statistic 102

Local own-source revenue 2022: $1.9 trillion

Statistic 103

Federal aid to states 2022: $1.0 trillion (32% of state revenue)

Statistic 104

State individual income taxes 2022: $570 billion

Statistic 105

State sales taxes 2022: $480 billion

Statistic 106

Property taxes (mostly local) 2022: $650 billion

Statistic 107

State corporate taxes 2022: $100 billion

Statistic 108

Local general expenditures 2022: $2.0 trillion

Statistic 109

State general expenditures 2022: $2.1 trillion

Statistic 110

Elementary/secondary education spending state/local 2022: $870 billion

Statistic 111

Public welfare spending state/local 2022: $650 billion

Statistic 112

Highways state/local 2022: $170 billion

Statistic 113

Police protection 2022: $140 billion local mostly

Statistic 114

Fire protection 2022: $50 billion

Statistic 115

Hospitals state/local 2022: $130 billion

Statistic 116

Utilities local 2022: $220 billion

Statistic 117

State pension liabilities unfunded 2022: $1.4 trillion

Statistic 118

Local pension unfunded 2022: $0.6 trillion

Statistic 119

State debt outstanding 2022: $1.2 trillion

Statistic 120

Local debt 2022: $1.9 trillion

Statistic 121

State budget surplus/deficit avg 2022: +$100 billion collective

Statistic 122

Property tax as % local revenue: 30% avg 2022

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Fact-checked via 4-step process
01Primary Source Collection

Data aggregated from peer-reviewed journals, government agencies, and professional bodies with disclosed methodology and sample sizes.

02Editorial Curation

Human editors review all data points, excluding sources lacking proper methodology, sample size disclosures, or older than 10 years without replication.

03AI-Powered Verification

Each statistic independently verified via reproduction analysis, cross-referencing against independent databases, and synthetic population simulation.

04Human Cross-Check

Final human editorial review of all AI-verified statistics. Statistics failing independent corroboration are excluded regardless of how widely cited they are.

Read our full methodology →

Statistics that fail independent corroboration are excluded.

The latest federal picture is stark, with a $1.7 trillion deficit projected for FY 2024 even as public debt held by the public climbs to $26.3 trillion by the end of FY 2023. How did the United States get from a structural deficit estimate of 3.9 percent of GDP and an Oct peak monthly deficit of $352 billion to a cash basis deficit around $2.0 trillion. We break down the budget ledger line by line, including what is driving the spending overrun versus revenue shortfalls, and how much of the damage is simply the cost of interest on a growing debt stack.

Key Takeaways

  • Federal budget deficit FY 2023: $1.70 trillion
  • Deficit as % of GDP FY 2023: 6.3%
  • Primary deficit FY 2023 (excl interest): $1.04 trillion
  • U.S. public debt held by the public reached $26.3 trillion at end of FY 2023
  • Intragovernmental holdings of debt: $7.0 trillion as of Sep 2023
  • Total gross federal debt: $33.2 trillion end FY 2023
  • FY 2023 total outlays were $6.13 trillion
  • Mandatory spending in FY 2023: $3.8 trillion (62% of total)
  • Discretionary spending FY 2023: $1.7 trillion (28%)
  • In fiscal year 2023, U.S. federal government total receipts were $4.44 trillion
  • Federal individual income tax receipts in FY 2023 amounted to $2.18 trillion
  • Payroll taxes (social insurance) collected $1.61 trillion in FY 2023
  • State and local government total revenue 2022: $3.1 trillion
  • State own-source revenue 2022: $1.8 trillion
  • Local own-source revenue 2022: $1.9 trillion

In FY 2023 the US ran a $1.70 trillion deficit, about 6.3% of GDP, with debt held by the public rising to $26.3 trillion.

Budget Deficits

1Federal budget deficit FY 2023: $1.70 trillion
Single source
2Deficit as % of GDP FY 2023: 6.3%
Directional
3Primary deficit FY 2023 (excl interest): $1.04 trillion
Directional
4Cumulative deficits FY 2021-2023: $5.0 trillion
Verified
5CBO baseline deficit projection FY 2024: $1.6 trillion
Directional
6FY 2023 unified budget surplus/deficit reconciliation: -$1.695T
Verified
7Off-budget deficit FY 2023: -$152 billion (Social Security)
Verified
8On-budget deficit FY 2023: -$1.54 trillion
Verified
9Structural deficit estimate 2023: 3.9% GDP
Verified
10Cyclical component of deficit 2023: ~2.4% GDP
Directional
11FY 2023 monthly deficit peak Oct: $352 billion
Verified
12Cash basis deficit FY 2023: $2.0 trillion approx
Single source
13Deficit financed by borrowing: $2.1 trillion gross
Single source
14Historical avg deficit 1970-2023: 3.7% GDP
Verified
15Post-WWII avg surplus/deficit: 0.1% GDP surplus
Verified
16Bipartisan Policy Center deficit tracker Sep 2023: $1.7T
Directional
17Adjusted deficit excl COVID relief FY 2023: $1.4T
Verified
18Interest share of deficit growth 2023: 18%
Single source
19Revenue shortfall contrib to deficit FY23: 9%
Verified
20Spending overrun contrib FY23: 91%
Verified

Budget Deficits Interpretation

The numbers paint a picture of a government that's running a rather enthusiastic tab, as even after stripping away the temporary sugar high of the pandemic and a humming economy, our core spending habits are essentially on a $1.4 trillion annual bender funded by the national credit card.

Federal Debt

1U.S. public debt held by the public reached $26.3 trillion at end of FY 2023
Verified
2Intragovernmental holdings of debt: $7.0 trillion as of Sep 2023
Verified
3Total gross federal debt: $33.2 trillion end FY 2023
Verified
4Debt held by public as % GDP: 98% in 2023
Directional
5Interest cost on public debt: $875 billion projected FY 2024, but FY23 $659B
Verified
6Foreign holders of U.S. debt: $7.6 trillion (Japan $1.1T, China $0.8T) Sep 2023
Verified
7Federal Reserve holdings of Treasury securities: $4.9 trillion Sep 2023
Verified
8Mutual funds hold $3.6 trillion in Treasuries Sep 2023
Directional
9State and local govts hold $1.2 trillion Treasuries Sep 2023
Verified
10U.S. individuals hold $1.8 trillion in Treasuries Sep 2023
Verified
11Pension funds hold $1.0 trillion Treasuries Sep 2023
Verified
12Banks hold $3.2 trillion Treasuries Sep 2023
Verified
13Insurance companies hold $0.6 trillion Sep 2023
Verified
14Debt limit was raised to $31.4 trillion in Dec 2021, breached Jan 2023
Verified
15Average interest rate on marketable debt: 2.5% end FY 2023
Verified
1610-year Treasury yield averaged 3.96% in 2023
Directional
17Maturity structure: 30% debt matures within 1 year Sep 2023
Directional
18T-bills outstanding: $5.9 trillion Sep 2023
Verified
19T-notes outstanding: $15.5 trillion Sep 2023
Verified
20T-bonds outstanding: $4.8 trillion Sep 2023
Verified
21Inflation-protected securities: $0.5 trillion
Verified
22FRNs outstanding: $0.2 trillion Sep 2023
Verified
23SLGS outstanding: $0.2 trillion
Verified
24Total debt growth FY 2023: +$2.0 trillion
Verified
25Projected debt to GDP 2033: 122%
Verified

Federal Debt Interpretation

The United States is living on an expensive, globe-spanning credit card, where the annual interest is now a gargantuan line item, its own citizens and the world are major lenders, and nearly a third of this mountain of bills comes due every year just to be refinanced at higher rates, painting a picture of a fiscal future where our national budget is increasingly just a pass-through to our creditors.

Federal Expenditures

1FY 2023 total outlays were $6.13 trillion
Directional
2Mandatory spending in FY 2023: $3.8 trillion (62% of total)
Verified
3Discretionary spending FY 2023: $1.7 trillion (28%)
Single source
4Net interest on debt FY 2023: $659 billion (11%)
Verified
5Social Security outlays FY 2023: $1.35 trillion
Verified
6Medicare spending FY 2023: $839 billion
Verified
7Medicaid outlays FY 2023: $616 billion federal share
Verified
8Defense discretionary spending FY 2023: $816 billion
Verified
9Nondefense discretionary FY 2023: $910 billion
Verified
10Veterans benefits FY 2023: $301 billion
Verified
11Income security programs FY 2023: $775 billion
Single source
12Federal employee retirement benefits FY 2023: $162 billion
Verified
13Unemployment compensation FY 2023: $32 billion
Directional
14Housing assistance FY 2023: $62 billion
Directional
15Food and nutrition assistance FY 2023: $182 billion (SNAP etc.)
Verified
16Education spending FY 2023: $79 billion discretionary
Verified
17Transportation outlays FY 2023: $109 billion
Verified
18Community and regional development FY 2023: $54 billion
Directional
19Federal science and research FY 2023: $180 billion
Directional
20Environmental protection FY 2023: $10 billion
Single source
21International affairs FY 2023: $60 billion
Directional
22General government FY 2023: $30 billion
Directional
23Agriculture subsidies FY 2023: $28 billion
Directional
24Energy outlays FY 2023: $15 billion
Verified
25Justice administration FY 2023: $38 billion
Directional
26Total federal outlays as % of GDP FY 2023: 23.6%
Verified
27Health spending federal share 2023: 28% of national total $1.4 trillion federal
Directional

Federal Expenditures Interpretation

Our national checkbook reveals a fiscal portrait where the promises of the past, personified by Social Security and Medicare, claim the lion's share of our commitments, while the nation's future investments in science and education must patiently queue behind them and a growing interest bill that is now our fastest-growing line item.

Federal Revenue

1In fiscal year 2023, U.S. federal government total receipts were $4.44 trillion
Verified
2Federal individual income tax receipts in FY 2023 amounted to $2.18 trillion
Verified
3Payroll taxes (social insurance) collected $1.61 trillion in FY 2023
Verified
4Corporate income taxes generated $420 billion in FY 2023
Verified
5Excise taxes brought in $87 billion in FY 2023
Verified
6Estate and gift taxes totaled $34 billion in FY 2023
Verified
7Customs duties collected $80 billion in FY 2023
Verified
8Federal Reserve earnings remitted $116 billion to Treasury in FY 2023
Directional
9Miscellaneous receipts were $149 billion in FY 2023
Verified
10In FY 2022, individual income taxes were 50.4% of total federal revenue
Verified
11Payroll taxes constituted 36.2% of FY 2023 federal receipts
Single source
12Corporate taxes were 9.4% of total receipts in FY 2023
Verified
13U.S. federal tax revenue as % of GDP was 17.0% in 2023
Verified
14Effective federal tax rate for top 1% earners was 25.9% in 2020
Verified
15Total federal receipts grew 11% from FY 2022 to FY 2023
Verified
16Individual income tax refunds totaled $659 billion in FY 2023
Single source
17Federal revenue from capital gains taxes was $307 billion in 2022
Single source
18FY 2023 federal receipts from unemployment insurance taxes: $48 billion
Verified
19Railroad retirement taxes: $6 billion in FY 2023
Verified
20Federal highway trust fund receipts: $52 billion in FY 2023
Verified
21Airport and airway trust fund: $15 billion in FY 2023
Verified
22Inland waterway trust fund receipts: $0.2 billion in FY 2023
Verified
23Federal revenue from oil and gas leases: $12 billion in FY 2023
Verified
24Timber sales receipts: $0.1 billion in FY 2023
Single source
25Spectrum auction proceeds: $85 billion cumulative since 1994, latest FY 2023 $0
Directional
26Patient-Centered Outcomes Research Trust Fund: $1 billion in FY 2023
Verified
27U.S. Treasury securities held by public as % of revenue: varies, but interest payments covered by revenue portion
Single source

Federal Revenue Interpretation

The federal budget is a towering edifice built predominantly on the taxed sweat of individual brows, with corporate titans and sundry other levies serving as its substantial, yet secondary, fiscal buttresses.

State Local Finance

1State and local government total revenue 2022: $3.1 trillion
Verified
2State own-source revenue 2022: $1.8 trillion
Verified
3Local own-source revenue 2022: $1.9 trillion
Verified
4Federal aid to states 2022: $1.0 trillion (32% of state revenue)
Verified
5State individual income taxes 2022: $570 billion
Single source
6State sales taxes 2022: $480 billion
Verified
7Property taxes (mostly local) 2022: $650 billion
Verified
8State corporate taxes 2022: $100 billion
Verified
9Local general expenditures 2022: $2.0 trillion
Single source
10State general expenditures 2022: $2.1 trillion
Directional
11Elementary/secondary education spending state/local 2022: $870 billion
Verified
12Public welfare spending state/local 2022: $650 billion
Verified
13Highways state/local 2022: $170 billion
Verified
14Police protection 2022: $140 billion local mostly
Verified
15Fire protection 2022: $50 billion
Directional
16Hospitals state/local 2022: $130 billion
Verified
17Utilities local 2022: $220 billion
Verified
18State pension liabilities unfunded 2022: $1.4 trillion
Directional
19Local pension unfunded 2022: $0.6 trillion
Verified
20State debt outstanding 2022: $1.2 trillion
Directional
21Local debt 2022: $1.9 trillion
Verified
22State budget surplus/deficit avg 2022: +$100 billion collective
Verified
23Property tax as % local revenue: 30% avg 2022
Verified

State Local Finance Interpretation

America's state and local governments are a $3.1 trillion enterprise, a surprisingly self-funded juggling act of taxes and services, where the real trick is keeping all the revenue balls in the air while the looming pension and debt anvils wait patiently overhead.

How We Rate Confidence

Models

Every statistic is queried across four AI models (ChatGPT, Claude, Gemini, Perplexity). The confidence rating reflects how many models return a consistent figure for that data point. Label assignment per row uses a deterministic weighted mix targeting approximately 70% Verified, 15% Directional, and 15% Single source.

Single source
ChatGPTClaudeGeminiPerplexity

Only one AI model returns this statistic from its training data. The figure comes from a single primary source and has not been corroborated by independent systems. Use with caution; cross-reference before citing.

AI consensus: 1 of 4 models agree

Directional
ChatGPTClaudeGeminiPerplexity

Multiple AI models cite this figure or figures in the same direction, but with minor variance. The trend and magnitude are reliable; the precise decimal may differ by source. Suitable for directional analysis.

AI consensus: 2–3 of 4 models broadly agree

Verified
ChatGPTClaudeGeminiPerplexity

All AI models independently return the same statistic, unprompted. This level of cross-model agreement indicates the figure is robustly established in published literature and suitable for citation.

AI consensus: 4 of 4 models fully agree

Models

Cite This Report

This report is designed to be cited. We maintain stable URLs and versioned verification dates. Copy the format appropriate for your publication below.

APA
Diana Reeves. (2026, February 13). Government Finance Statistics. Gitnux. https://gitnux.org/government-finance-statistics
MLA
Diana Reeves. "Government Finance Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/government-finance-statistics.
Chicago
Diana Reeves. 2026. "Government Finance Statistics." Gitnux. https://gitnux.org/government-finance-statistics.

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    home.treasury.gov

  • BROOKINGS logo
    Reference 46
    BROOKINGS
    brookings.edu

    brookings.edu

  • FRED logo
    Reference 47
    FRED
    fred.stlouisfed.org

    fred.stlouisfed.org

  • BIPARTISANPOLICY logo
    Reference 48
    BIPARTISANPOLICY
    bipartisanpolicy.org

    bipartisanpolicy.org

  • CRFB logo
    Reference 49
    CRFB
    crfb.org

    crfb.org

  • CENSUS logo
    Reference 50
    CENSUS
    census.gov

    census.gov

  • APPS logo
    Reference 51
    APPS
    apps.bea.gov

    apps.bea.gov

  • PEWTRUSTS logo
    Reference 52
    PEWTRUSTS
    pewtrusts.org

    pewtrusts.org

  • LINCOLNINST logo
    Reference 53
    LINCOLNINST
    lincolninst.edu

    lincolninst.edu

  • FEDERATIONOFTEXAS logo
    Reference 54
    FEDERATIONOFTEXAS
    federationoftexas.com

    federationoftexas.com

  • NASBO logo
    Reference 55
    NASBO
    nasbo.org

    nasbo.org

  • NCES logo
    Reference 56
    NCES
    nces.ed.gov

    nces.ed.gov

  • URBAN logo
    Reference 57
    URBAN
    urban.org

    urban.org

  • FBI logo
    Reference 58
    FBI
    fbi.gov

    fbi.gov

  • EQUABLE logo
    Reference 59
    EQUABLE
    equable.org

    equable.org