The budget deficit reached almost $2 trillion for the first 11 months of the 2024 fiscal year, according to new figures released by the US Treasury.
Annual interest on the national debt also reached more than $1 trillion for the first time in history.
According to the Treasury, the fiscal deficit through August was up nearly a quarter, from $1.525 trillion during the comparable period last year. In large part, this was due to higher interest rates, but also as a result of the Supreme Court’s reversal of President Biden’s student-loan forgiveness program.
Other factors include higher costs for Social Security and Medicare programs, as well as defense spending.
The 11-month deficit more or less matches the Congressional Budget Office’s estimate of a $1 trillion deficit for the entire fiscal year, which ends on 30 September.
This year’s deficit will be the largest in American history, apart from during the pandemic, and significantly higher than last fiscal year’s $1.695 trillion deficit.
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