levels of total budget outlays are as follows: Fiscal year 2020: $3,435,880,000,000. Fiscal year 2021: $3,367,160,000,000. Fiscal year 2022: $3,299,820,000,000. Fiscal year 2023: $3,233,820,000,000. Fiscal year 2024: $3,169,150,000,000. Fiscal year 2025: $3,134,290,000,000. Fiscal year 2026: $3,099,810,000,000. Fiscal year 2027: $3,065,710,000,000. Fiscal year 2028: $3,031,990,000,000. Fiscal year 2029: $2,998,640,000,000. (4) Deficits For purposes of the enforcement of this resolution, the amounts of the deficits are as follows: Fiscal year 2020: −$693,000,000,000. Fiscal year 2021: −$507,000,000,000. Fiscal year 2022: −$303,000,000,000. Fiscal year 2023: −$81,000,000,000. Fiscal year 2024: $181,000,000,000. Fiscal year 2025: $366,000,000,000. Fiscal year 2026: $568,000,000,000. Fiscal year 2027: $707,000,000,000. Fiscal year 2028: $868,000,000,000. Fiscal year 2029: $1,346,000,000,000. (5) Public debt Pursuant to section 301(a)(5) of the Congressional Budget Act of 1974 ( 2 U.S.C. 632(a)(5) ), the appropriate levels of the public debt are as follows: Fiscal year 2020: $22,829,000,000,000. Fiscal year 2021: $24,091,000,000,000. Fiscal year 2022: $25,456,000,000,000. Fiscal year 2023: $26,841,000,000,000. Fiscal year 2024: $27,839,000,000,000. Fiscal year 2025: $28,809,000,000,000. Fiscal year 2026: $29,763,000,000,000. Fiscal year 2027: $30,644,000,000,000. Fiscal year 2028: $31,690,000,000,000. Fiscal year 2029: $32,311,000,000,000. (6) Debt held by the public The appropriate levels of debt held by the public are as follows: Fiscal year 2020: $17,601,000,000,000. Fiscal year 2021: $18,626,000,000,000. Fiscal year 2022: $19,795,000,000,000. Fiscal year 2023: $20,976,000,000,000. Fiscal year 2024: $22,112,000,000,000. Fiscal year 2025: $23,372,000,000,000. Fiscal year 2026: $24,625,000,000,000. Fiscal year 2027: $25,866,000,000,000. Fiscal year 2028: $67,338,000,000,000. Fiscal year 2029: $28,739,000,000,000. 2102. Major functional categories Congress determines and declares that the appropriate levels of new