Fact Check: the deficit is currently running more than 6% of gross domestic product

Fact Check: "The deficit is currently running more than 6% of gross domestic product"

What We Know

The claim that the deficit is currently running more than 6% of gross domestic product (GDP) is supported by several credible sources. According to the Congressional Budget Office, the federal deficit for the fiscal year 2023 was approximately $1.7 trillion, which equates to about 6.3% of GDP. This figure is corroborated by data from the U.S. Treasury Fiscal Data, which also notes that the deficit has been a significant concern as it reflects the government's spending exceeding its revenues. Furthermore, the Federal Reserve Bank of St. Louis provides historical data showing that the federal deficit as a percentage of GDP was 6.11543% in 2023, confirming the claim.

Analysis

The evidence supporting the claim is robust and comes from multiple authoritative sources. The Congressional Budget Office (CBO) is a nonpartisan agency that provides budget and economic information to Congress, making its data highly reliable. The U.S. Treasury Fiscal Data is another credible source, as it is the official government site for financial data, ensuring accuracy in its reporting on the national deficit.

While some sources, such as Trading Economics, project future deficits and provide historical context, they align with the current figures reported by the CBO and the U.S. Treasury. The consistency across these sources strengthens the validity of the claim.

However, it is important to note that there are slight variations in reported percentages due to different methodologies in calculating GDP and deficits. For instance, some reports indicate a deficit of 6.1% (as noted by USAFacts), while others confirm the 6.3% figure. These discrepancies are minor and do not significantly undermine the overall assertion that the deficit is indeed above 6%.

Conclusion

Verdict: True
The claim that the deficit is currently running more than 6% of GDP is accurate, as supported by multiple reliable sources. The federal deficit for the fiscal year 2023 is reported at 6.3% of GDP, confirming the assertion made in the claim.

Sources

1. The Federal Budget in Fiscal Year 2023: An Infographic
2. National Deficit | U.S. Treasury Fiscal Data
3. Federal Surplus or Deficit [-] as Percent of Gross Domestic ...
4. Deficit Tracker
5. United States Federal Government Budget
6. US Federal Deficit as Percent of GDP
7. What is the federal government's budget deficit?
8. The Current Federal Deficit and Debt