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" is supported by recent data. According to the CBO, the federal deficit for the fiscal year 2023 was reported at $1.7 trillion, which corresponds to approximately 6.3% of the gross domestic product (GDP). This figure aligns with other reputable sources, including the U.S. Treasury Fiscal Data, which also indicates that the deficit is a significant percentage of GDP. Furthermore, the Federal Reserve Bank of St. Louis corroborates this data, showing the federal deficit as a percentage of GDP hovering around 6.3% for the year.

Analysis

The evidence supporting the claim is robust, with multiple credible sources confirming that the federal deficit for 2023 is indeed over 6% of GDP. The CBO is a nonpartisan agency that provides economic data and analysis, making its reports highly reliable. The U.S. Treasury Fiscal Data is also an authoritative source, as it is the official government site for financial data, ensuring accuracy and transparency.

However, some sources, such as the Bipartisan Policy Center, indicate fluctuations in the deficit, showing that it can vary significantly from month to month. For instance, they reported a deficit of $255 billion for October 2024, which reflects ongoing trends in federal spending and revenue collection. Despite these fluctuations, the overall annual figure remains above the 6% mark, as confirmed by the CBO and other financial analyses.

Critically, while some sources report slightly different percentages (e.g., 6.2% from US Government Spending), the consensus remains that the deficit is indeed running at or above 6% of GDP for the fiscal year 2023. The variations can be attributed to different methodologies in calculating GDP and deficits, but the core claim stands validated.

Conclusion

Verdict: True
The claim that "the deficit is currently running more than 6% of gross domestic product" is accurate based on the available data. The federal deficit for fiscal year 2023 was reported at 6.3% of GDP by multiple reliable sources, including the CBO and the U.S. Treasury. This confirms that the statement is factually correct.

Sources

1. The Federal Budget in Fiscal Year 2023: An Infographic
2. National Deficit | U.S. Treasury Fiscal Data
3. Publications & Cost Estimates
4. Federal Surplus or Deficit [-] as Percent of Gross Domestic ...
5. Deficit Tracker
6. United States Federal Government Budget
7. US Federal Deficit as Percent of GDP
8. 7 Charts that Show How the Nation's Fiscal Outlook ...