Deficit Dimension

In the first half of FY20, the deficit was $746.6 billion, up 7.6% compared to the same period in FY19; the 8th largest deficit/GDP ratio since 1947. Tax receipts were up 6% to $1.604 trillion, outlays rose by 7% to $2.347. Even in a good economy, the deficit was huge and growing. In FY2020, the deficit will exceed $3 trillion, pushing debt held by the public to 100% of GDP.