US Budget Deficit Soars to $1.8 Trillion as Interest Costs Hit Record High

The deficit, now the third-largest in US history, raises concerns over fiscal sustainability amid upcoming elections.

The US Treasury reported a $1.8 trillion budget deficit for fiscal 2024, marking an 8% increase from the previous year.
Interest payments on federal debt exceeded $1 trillion for the first time, surpassing defense spending.
The national debt has risen to $35.8 trillion, equating to over $100,000 per US citizen.
Both presidential candidates, Kamala Harris and Donald Trump, propose economic plans that would further increase the national debt.
The Federal Reserve's recent rate cuts provide some relief, but high interest rates continue to strain fiscal resources.