US Records Third-Largest Budget Deficit in History

The US budget deficit soared to $1.833 trillion in 2024, driven by rising interest payments and increased spending on social programs and defense.

The 2024 fiscal year deficit increased by 8%, or $138 billion, from the previous year.
Interest payments on national debt surpassed $1 trillion for the first time, contributing significantly to the deficit.
Spending on Social Security, healthcare, and military also saw significant increases.
The 2024 deficit is the largest outside of the COVID-19 pandemic years.
The deficit reduction in 2023 was aided by the rollback of $330 billion in costs related to a student loan program.