The chart below illustrates three different measures of the federal deficit. You choose:  Which number do you like best? 

For 2024, the blue bar shows a budget deficit of $1.8 trillion, as reported in the Financial Report of the U.S. Government for the Reconciliation of Net Operating Cost and Budget Deficit. This figure is derived from cash accounting and indicates that outlays exceed inflows. The difference between the budget deficit and net operating cost primarily arises from accrued costs (expenses that have been incurred but not yet paid). These accrued costs are included in the net operating cost but are excluded from the budget deficit.

The green bar represents a deficit of $2.4 trillion, which comes from the federal government's income statement, known as the "Statement of Operations and Changes in Net Position." This measure is discussed alongside the budget deficit and provides a closer approximation of the change in the federal government's net position from an accrual accounting perspective.

Finally, the red bar shows Truth in Accounting's calculation of the federal government's change in net position, which highlights a deficit of $2.46 trillion, also based on accrual accounting. This calculation includes changes in the government's unfunded off-balance sheet debts, such as unfunded Social Security and Medicare promises.  

For more financial information for the U.S. federal government visit Data-Z.org.