The federal government has spent $855 billion more than it has collected in fiscal year 2024, which began Oct. 1, resulting in a national deficit. The government has collected $2.96 trillion in revenue, according to the U.S. Department of Treasury. In fiscal year 2023, the federal government collected $4.44 trillion in revenue, with primary source of revenue being individual income taxes. … Continue reading National debt closes in on $35 trillion