October 2, 2014

Treasury Reports a $1.3 Trillion Deficit for FY 2011

  • The national debt has grown significantly in recent years due to rising annual deficits. A deficit occurs in any year the government spends more...

The Department of the Treasury has released final budget numbers for Fiscal Year 2011, which show that it ended with a deficit of $1.3 trillion -- about the same as the previous year.

This marked the third fiscal year in a row in which deficits have exceeded a trillion dollars. The deficit for FY 2011, which ended Sept. 30, was 8.7 percent of the Gross Domestic Product (GDP) -- down slightly from 9.0 percent of GDP in FY 2010.

Revenues in FY 2011 totaled $2.3 trillion, which was $141 billion or 6.5 percent higher than the previous year. Outlays in FY 2011 were $3.6 trillion, which is $145 billion or 4.2 percent higher than in FY 2010.