Reported 27 days ago
In a significant financial shift, the U.S. Treasury announced a $380 billion budget deficit for August 2024, up from a surplus of $89 billion during the same month last year. This change is largely attributed to the cancellation of President Biden's student loan forgiveness initiative. The deficit for the first 11 months of the fiscal year has reached $1.897 trillion, marking a 24% increase compared to the previous year, with interest costs on public debt surpassing $1 trillion for the first time.
Source: YAHOO