Federal Budget Deficit (% GDP)
US Federal Budget Surplus/Deficit as % of GDP — Historical Chart
-5.8% GDP
▼ 6.89% YoYJan 2025
All-Time High
4.3% GDP
All-Time Low
-26.9% GDP
Data Since
1929
Source: FRED / OMBShaded = NBER recessions
The US federal budget balance as a percentage of GDP since 1929. Negative values represent deficits. The WWII spike to -27% GDP was the historical extreme; the peacetime drift to -6% GDP during non-recession years is unprecedented. One of the most important structural charts for long-term investors.