The US budget deficit exceeded $1.8 trillion during the year 2024, according to Treasury Department data.
The ministry’s statement stated, “The deficit is 8% higher than the previous year due to large spending, including interest on public debt,” noting that “the total deficit widened by $138 billion for the fiscal year, and public debt remains a major source of concern for voters before the elections.” presidential election in November.
According to the Treasury Department, “this year represents the third-highest deficit recorded by the United States after 2021 and 2020.”
The ministry said, “There is an increase of about 30% in spending on public debt interest, largely due to the rise in interest rates,” adding: “The deficit to gross domestic product ratio reached 6.4%, up from 6.2% in 2023.” Finance, individual income and corporate tax.
The Congressional Budget Office expects that “the deficit will continue to rise, reaching $2.8 trillion by 2034.”
The US Federal Budget Committee explained that “Donald Trump’s plans, if he wins, will lead to the accumulation of $7.5 trillion in new debt, which is more than double the $3.5 trillion expected from Kamala Harris’ proposals.”
The US Treasury attributed the increase in revenues in 2024, mainly to “the increase in tax collection.”
US Treasury Secretary Janet Yellen indicated that “the US economy remained resilient in 2024,” noting that “the deficit in 2024 was about $76 billion less than the estimates published last March.”
Suggest a correction