U.S. Budget Deficit Rises to $1.8 Trillion in 2024

Published On Oct 8, 2024, 2:27 PM

The Congressional Budget Office reports that the U.S. federal budget deficit rose to $1.8 trillion in the fiscal year 2024, marking an increase from the previous year's $1.7 trillion. This growth comes despite stable economic conditions, as tax revenues have not kept pace with rising government costs and interest on the national debt, which is nearing $36 trillion. While September saw a surplus of $63 billion, ongoing fiscal pressures are expected to persist due to proposed spending plans from political leaders, which could add trillions to the deficit over the next decade, with suggested financing through either tax increases or cuts to waste.