This will push the U.S. deficit to an estimated 6.6% of GDP, nearly double the 39-year average.
In nominal terms, the deficit is projected to hit $1.9 trillion in 2024, the highest since 2021, when it reached $2.8 trillion due to the pandemic response.
With government spending increasing rapidly relative to GDP and revenue growth lagging, multi-trillion-dollar deficits are becoming the new normal.
submitted by /u/XGramatik
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