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US Federal Deficit to 2024

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Denis Burilkov & Dimitri Bourilkov

 

Youtube video:  https://youtu.be/d9Zya7abILk

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The goal of this study is to retrieve data from various sources about the US Federal deficit starting in 1980 until today.

We will deploy a notebook using what we learned in the Google Generative AI course. Techniques applied are few-shot prompting and a grounded search.

The notebook will output the data as a table and a structured csv file. It will generate Python code to plot the data, and produce an output bar chart.

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Here is a table of the US Federal Deficit per year from 1980 to 2024, in billions of dollars. Please note that these figures are based on historical data and may be subject to revision.

Year Deficit (Billions of Dollars)

1980 -73.8

1981 -79.0

1982-127.9

1983-207.8

1984-185.4

1985-212.3

1986-221.2

1987-150.4

1988-155.1

1989-152.5

1990-221.4

1991-269.5

1992-290.4

1993-255.1

1994-203.2

1995-164.0

1996-107.3

1997-22.0

199869.2 (Surplus)

1999125.6 (Surplus)

2000236.4 (Surplus)

2001128.2 (Surplus)

2002-157.8

2003-377.6

2004-412.7

2005-318.7

2006-248.2

2007-160.7

2008-458.6

2009-1,412.7

2010-1,293.7

2011-1,300.0

2012-1,089.8

2013-679.9

2014-485.1

2015-439.1

2016-584.6

2017-665.4

2018-779.0

2019-984.4

2020-3,129.2

2021-3,668.7

2022-1,837.0

2023-1,371.9

 

Please note: A negative sign indicates a deficit. The data from 1980 to 2024 was found from multiple sources, including USAFacts, The American Presidency Project, and the U.S. Treasury Fiscal Data.

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A budget deficit occurs when a government spends more money than it brings in through revenue during a given period, usually a fiscal year. The opposite of a deficit is a budget surplus, which happens when revenue exceeds spending. The terms "national deficit," "federal deficit," and "U.S. deficit" are often used interchangeably.

We have generated a bar plot visualizing the US Federal Deficit from 1980 to 2024. The x-axis represents the year, and the y-axis represents the deficit in billions of dollars. The plot shows the trend of the deficit over time, with notable increases during certain periods like the early 1980s, early 1990s, the 2008 financial crisis, and the COVID-19 pandemic. There were also surplus years in the late 1990s and early 2000s.

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