The latest Congressional Budget Office (CBO) projections show that federal spending for fiscal year 2024 will be “the largest it’s ever been outside a crisis – far exceeding pre-pandemic levels,” according to an analysis from the Committee for a Responsible Federal Budget.
“Spending has grown from 20.9 percent of GDP in FY 2019 to an estimated 23.9 percent of GDP in 2024,” read the analysis released on Friday. “Most of this recorded spending growth is due to the rising cost of interest payments on the national debt and non-health, non-Social Security mandatory spending.”
CBO projections show that federal spending will total 24.1% of GDP over the next 10 years, which is “significantly higher than the 21.0 percent of GDP average over the last 50 years,” according to the CRFB’s analysis.
