What were the biggest budget deficits in US history?

Published On Sep 27, 2024, 6:00 AM

The federal government is projected to face a $1.9 trillion budget deficit for FY2024, making it the third-largest in U.S. history according to the Congressional Budget Office. This increase from a previous estimate of $1.5 trillion reflects higher interest rates and increased costs of servicing a national debt that has now surpassed $35 trillion. The article also highlights historical budget deficits from previous fiscal years, noting significant factors like pandemic-related spending and economic recovery measures in previous years.

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Stock Forecasts

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Negative

The significant budget deficit may lead to increased borrowing costs and economic instability, which could negatively impact financial markets.

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Positive

As the government looks to large-scale financing options amidst rising interest rates, investing in financial sectors, specifically banks, might offer opportunities depending on their adaptability to higher interest rates.

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