US budget deficit tops $1.8 trillion in fiscal 2024, third-largest on record

Published On Oct 18, 2024, 6:44 PM

The U.S. budget deficit for fiscal 2024 reached $1.833 trillion, marking the third-largest deficit in history, driven primarily by high interest costs on federal debt surpassing $1 trillion for the first time. The deficit showed an 8% increase from the previous fiscal year. Significant spending increases were noted in Social Security, Medicare, and military programs. Meanwhile, government revenues rose to a record $4.919 trillion but did not keep pace with outlays, which increased by 10%. Interest costs on Treasury debt rose 29% year-over-year, contributing significantly to the budget shortfall. With the presidential election approaching, the implications of the deficit may influence campaign narratives regarding fiscal management between the Democratic and Republican parties.