Federal Budget Deficit

• If spending > revenue, there is a deficit
• If spending < revenue, there is a surplus
• Most countries typically run a deficit

• The last US Budget Surplus was in 2001
• Is generally on a long-term unsustainable trajectory
• Future projections are calculated by the Congressional Budget Office (CBO)
• Future insolvency of Public Trust Funds is a large contributor to this (Social Security, Highway, etc).

Additional Debts Not Counted in the Budget Deficit

• The US counts some uses of cash that it needs to take out debt for as "investments", not expenses
• These "investments" are not included in the official deficit, but do impact the countries debt
• Examples Include:
• Transportation Projects
• Federal Loan Programs
• Social Security Payments
• Military Payments
• etc.