In its 2024 fiscal year, the federal government spent $6.7 trillion and collected $4.9 trillion, leaving a budget deficit of $1.8 trillion. This amounts to 37% of its revenues. Contrary to the media, the primary driver of the national debt is not tax cuts, as the share of the U.S. economy collected in taxes has been roughly level or risen for as far back as data extends. Nor is it national defense, which has fallen from 53% of federal spending in 1960 to 17% in 2023. Instead, the main driver of the national debt is social programs, which have grown from 21% of federal spending in 1960 to 61% in 2023.