July 16, 2018
![Federal Expenditures and Revenues, annually Federal Expenditures and Revenues, annually](https://www.taxpolicycenter.org/sites/default/files/fiscal-facts/ff_detailed_18.png)
Fact:
Federal expenditures in FY2017 totaled almost $4 trillion, or about 21% of GDP. Federal revenues in FY2017 totaled $3.3 trillion, or about 17.3% of GDP. The last time the federal budget was in surplus or balance (FY1998-2001), revenues were around 19-20% of GDP.