U.S. Budget Deficit Reaches $1.8 Trillion in 2024 as Interest on National Debt Surpasses $1 Trillion

moeny

Credit: Unsplash

The U.S. Treasury Department announced today that the federal budget deficit for fiscal year 2024 surged to $1.833 trillion, marking an 8% increase from the previous year and the third-highest deficit on record. This substantial shortfall comes as rising interest rates on national debt have pushed interest expenses past the $1 trillion mark for the first time in history.

Despite a modest $64.3 billion surplus in September, the annual deficit swelled by $138 billion compared to the $1.695 trillion recorded in 2023. The only larger deficits in U.S. history occurred in 2020 and 2021, when the government engaged in massive spending to combat the economic fallout from the COVID-19 pandemic.

The fiscal 2024 budget numbers reflect a significant imbalance between record receipts and spending. The U.S. government collected $4.9 trillion in revenue, but outlays totaled a staggering $6.75 trillion, leading to the substantial deficit.

Read more
Written by  
2 weeks ago
Article Tags:
· · · ·