The U.S. budget deficit is $1.833 trillion in fiscal year 2024. It is the third-largest deficit in the country’s history and the highest level outside of the Covid era, the US Treasury Department said. For the first time, interest on federal debt exceeded $1 trillion. In addition, spending on the Social Security pension program, health care and the military grew.
The deficit for the fiscal year ending Sept. 30 was 8 percent, or $138 billion, higher than the $1.695 trillion deficit recorded in 2023. It was the third largest federal deficit in US history. Only the deficits driven by the coronavirus pandemic aid were larger: the deficit of $3.132 trillion in fiscal year 2020 and the deficit of $2.772 trillion in fiscal year 2021.
The fiscal 2023 deficit would have topped $2 trillion if not for the rollback of $330 billion in costs tied to President Joe Biden’s student loan program. The program was invalidated by the US Supreme Court.
