Reported about 1 month ago
The U.S. budget deficit has surged to $1.833 trillion in fiscal 2024, marking the highest amount outside of the COVID-19 era and the third-largest deficit in U.S. history. This increase was driven by rising interest costs on federal debt, which surpassed $1 trillion for the first time, alongside significant spending on Social Security, healthcare, and military programs. While government receipts hit a record high of $4.919 trillion due to tax revenue growth, expenditures also rose, leading to heightened concerns about fiscal responsibility ahead of upcoming elections.
Source: YAHOO