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The United States announced that the budget deficit reached $1.8 trillion during the year 2024, an increase of more than 8% over the previous year due to large spending, including interest on public debt..
“The overall deficit widened by $138 billion for the fiscal year and public debt remains a major concern for voters ahead of the presidential election in November,” the Treasury Department reported..
This year represents the third highest deficit recorded by the United States after 2021 and 2020, according to the Treasury Department..
The ministry said, “There is an increase of about 30% in spending on public debt interest, largely due to rising interest rates,” noting that “the deficit in 2024 was about $76 billion less than the estimates published in March.”.
Source: Agencies