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CBO estimates indicate a deficit uptick of 11% from the $1.7 trillion recorded during fiscal year 2023. The US government spent $6.8 trillion in fiscal year 2024, about 10% more than in 2023. The Biden administration has spent much more than it collected in revenue, with a budget deficit for fiscal year 2024 standing at $1.8 trillion, the highest level since the Covid-19 pandemic, the Congressional Budget Office (CBO) said. Republican Senator Chuck Grassley has meanwhile referred to the CBO survey as he blamed President Joe Biden and Vice President Kamala Harris for “ignoring resounding messages from Americans nationwide, as well as alarms from global credit ratings companies.”