2024 US fiscal year budget deficit reaches $1.8T, due to 10% spending increase (CBO).

The U.S. federal budget deficit for fiscal year 2024 reached $1.8 trillion, as reported by the Congressional Budget Office (CBO). This represents a 10% increase in spending to $6.8 trillion, driven largely by a 34% rise in net interest payments and increased costs for Social Security and Medicare. Although tax revenue rose by 11% to $4.9 trillion, the fiscal imbalance poses challenges for future spending agreements and debt ceiling discussions.

October 08, 2024
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