The US government’s budget deficit hit its highest since the Covid pandemic years in 2024, propelled by increased debt interest costs and higher Social Security and defense spending — which more than offset a boost in tax revenues. The shortfall for the fiscal year, which ended Sept. 30, came to $1.83 trillion, up from $1.7 trillion the previous year and the largest on record aside from the 2020 and 2021 fiscal years, US Treasury data released Friday showed.

The U.S. budget deficit grew to $1.833 trillion for fiscal 2024, the highest outside of the COVID era, as interest on the federal debt exceeded $1 trillion for the first time and spending grew for the Social Security retirement program, health care and the military, the Treasury Department said on Friday. The deficit for the year ended Sept. 30 was up 8%, or $138 billion, from the $1.695 trillion recorded in fiscal 2023. It was the third-largest federal deficit in U.S. history, after the...

The federal government's budget deficit was nearly $2 trillion last year and is expected to widen further in future years, with experts warning that the government needs to rein in deficits to ensure fiscal stability. The nonpartisan Congressional Budget Office (CBO) released its preliminary estimated deficit for fiscal year 2024, which was $1.834 trillion. The FY2024 deficit was $139 billion larger than the actual deficit recorded in the prior fiscal year, as spending growth...

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