Claim: The federal deficit when U.S. President Barack Obama left office was $585 billion, climbing to $984 billion in January 2019. The federal budget deficit is projected to hit a record $3.3 trillion as huge government expenditures to fight the coronavirus. The total federal deficit is the sum of the on-budget deficit (or surplus) and the off-budget deficit (or surplus). Then, if special funds like the Medicare trust fund have surpluses, the “extra” revenue is lent to the rest of the federal government. Since FY1960, the federal government has run on-budget deficits except for FY1999 and FY2000, and total federal deficits except in FY1969 and FY1998–FY2001. At the end of fiscal year 2019, the total federal … The federal deficit in 2019 was $984 billion, equal to 4.6 percent of gross domestic product. Debt Held by the Public through January 2019: $16.1 trillion Debt Held by the Public through January 2018: $14.8 trillion While the deficit varies from month-to-month, and may even decline some months — for example, in April when taxpayers are submitting their personal income taxes — debt and deficits are on an unsustainable upward trajectory. The federal deficit in the first seven months of fiscal 2019 jumped 38 percent compared to the same period last year, the nonpartisan Congressional Budget Office (CBO) said Tuesday. US National Debt Clock : Real Time U.S. National Debt Clock ... That compares with 79% of GDP at the end of 2019 … Spending of $4.529 trillion was more than the estimated $3.438 trillion in … National Debt through January 2019. The federal debt is the total amount of money that the federal government owes, either to its investors or to itself. According to AP News, the FY 2019 budget created a $1.09 trillion deficit. Learn more about the deficit with a new interactive version of the infographic. This year’s deficit amounted to 15.2% of GDP, the greatest deficit as a share of the economy since 1945. The federal government ran a deficit of $3.1 trillion in fiscal year 2020, more than triple the deficit for fiscal year 2019. The federal deficit rose to $984 billion in fiscal year 2019 – the highest in 7 years, according to an estimate released Monday from the Congressional Budget Office.