The US Treasury Building in Washington, DC, on August 15, 2023.
Nathan Howard Bloomberg Gety pictures
The Treasury said on Friday that the Biden Ren administration is a budget deficit of $ 1.8 trillion in the fiscal year 2024, an increase of more than 8 % over the previous year and the third highest level in the record.
Even with a modest surplus in September, the total deficiency amounted to $ 1.833 trillion, which is $ 138 billion higher than last year. The only years in which the United States witnessed a major deficit was the year 2020 and 2021 when the government poured trillion in the spending-related spending.
The deficit came despite record receipts of $ 4.9 trillion, which dramatically decreased from the expenses of $ 6.75 trillion.
Government debt was swollen to $ 35.7 trillion, an increase of $ 2.3 trillion from the end of 2023.
It was one of the strict debts and the image deficit in the high interest rates of the Federal Federal Reserve chain to combat inflation.
The total interest expenses for this year reached 1.16 trillion dollars, the first time that this number has led a trillion dollars. The net interest gained on government investments, and the total was a record $ 882 billion, which is the third largest expense in the budget, and above all other elements except for social security and health care.
Treasury official said that the average interest rate on all government debt was 3.32 % for 2024, an increase of 2.97 % in the previous year.
In September, the government has a surplus of $ 64.3 billion, the product in part of the effects of the calendar that prompted the benefits of benefits to August, which witnessed a deficit of $ 380 billion, which is the largest month of the year.
As a share of the total American economy, the deficit exceeds 6 %, unusual historically during expansion and exceeding the historical average by 3.7 % over the past fifty years, according to the budget office in Congress.
the CBO expects The inability to continue to rise, reaching $ 2.8 trillion by 2034. On the debt side, the office expects to rise from the current level nearly 100 % of GDP to 122 % in 2034.
