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Current US Federal Surplus or Deficit / Nominal GDP: -6.5%
US Federal Surplus or Deficit / Nominal GDP for 2024 (up to Nov)
Historical average: -2.5%
Min: -52.6% (1919)
Max: 4.4% (1948)
The surplus/deficit data refers to the federal budget only. It does not include deficits or surpluses at the state or local government levels. As a % of nominal GDP, it gives a good idea the impacts of excess government spending on the economy.

Sources:

  • Federal Reserve Bank of St. Louis (FRED)
  • Bureau of Economic Analysis (BEA).