US Federal Surplus / Deficit · % GDP

## What this measures

The federal budget balance each fiscal year as a share of GDP.

## Why it matters

A century of history: wars, the Depression, the 1990s surpluses and the post-2008 and post-2020 deficits all sit on one line.

## How to read it

Deficits at full employment are structural; those in recessions are cyclical.

## What it does not say

Includes interest; the primary deficit is smaller.

## Source

OMB via FRED, series FYFSGDA188S.