Reported 10 days ago
In October 2024, the U.S. budget deficit soared nearly four-fold to $257 billion compared to $67 billion the previous year, largely due to one-off factors and adjustments in benefit payments, according to the Treasury Department. This significant deficit marks the start of the new fiscal year and poses a fiscal challenge for President-elect Donald Trump. Federal receipts dropped by 19%, while outlays increased by 24%, with notable rises in Social Security and military spending. Despite a decline in public debt service costs, interest on public debt increased, contributing to ongoing concerns regarding federal finances.
Source: YAHOO