Extraordinary Deficits Sustained and Worsened Under OBBBA and Tariffs

Federal Deficit(-)/Surplus(+) as a Share of GDP, Fiscal Years 1965 to 2034

Note: Tax Foundation projections include dynamic effects on revenue, GDP, and other variables.
Source: Congressional Budget Office, "Historical Budget Data" and "The Budget and Economic Outlook: 2025 to 2035," January 2025; Tax Foundation General Equilibrium Model, November 2025.
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