U.S. Deficit Soars to $1.8 Trillion in 2024, Highest Since Pandemic

The Congressional Budget Office (CBO) has reported that the U.S. federal budget deficit reached $1.8 trillion for fiscal year 2024, marking the highest level since the COVID-19 pandemic. This increase from the previous year’s $1.7 trillion deficit is attributed to rising interest payments on debt, increased spending on social programs, and tax revenues not keeping pace with expenditures. Despite steady economic growth and low unemployment, the deficit continues to grow, highlighting ongoing fiscal challenges for the U.S. economy.