This year marks the third highest US deficit, behind 2021 and 2020, according to the Treasury. In the 2020 budget year, the deficit hit a record of $3.1 trillion as spending soared to help the economy weather the Covid-19 pandemic. The latest fiscal year also saw an increase in Social Security spending and that on defense. In announcing the latest budget figures, Treasury Secretary Janet Yellen noted that the US economy remained resilient in 2024. Both agencies noted that total federal borrowing from the public grew by $2.0 trillion during the latest fiscal year, to $28.2 trillion.

Source: Daily Nation October 18, 2024 22:08 UTC