US budget deficit reached $1.5 trillion by Oct 2022, with interest costs rising 32% due to Fed interest-rate hikes.

The US budget deficit reached $1.5 trillion by Oct 2022, a slight decrease from 2023 but still larger than pre-pandemic levels. Higher revenues and deferred tax deadlines contributed to the reduction, but the interest burden on US debt remains a significant issue, with interest costs rising 32% in the first 10 months of the fiscal year. The Federal Reserve's interest-rate hikes have increased debt costs for the federal government.

August 12, 2024
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