2024 Budget Deficit Reduction. The budget also reduces the deficit, as a share of the economy, from current levels. Cbo issues a volume describing 17 policy options that would each reduce the federal budget deficit by more than $300 billion over the next 10 years or, in the case of social.
The fiscal responsibility act, which biden signed in 2023 as a negotiated way to lift the debt limit, included spending curbs that were designed to reduce deficits from 2024 to. The projected $1.5 trillion federal budget deficit for 2024 is $188 billion less than the shortfall recorded last year.