Reported 2 months ago
The Congressional Budget Office estimates the U.S. federal deficit for fiscal 2024 at $1.834 trillion, marking the highest deficit since the COVID-19 pandemic, driven by rising interest costs and increased spending on Social Security and healthcare. This represents an 11% increase from the previous year's gap. While revenues rose due to higher taxes, significant outlays for public debt interest and social programs contributed to the growing deficit. The report has sparked political debate, with Republicans criticizing the Biden administration for fiscal irresponsibility.
Source: YAHOO