U.S. Federal Budget Deficit Hits $532 Billion in First Four Months of FY2024
Despite a decrease in January's deficit, rising interest costs and expenditures drive a 16% increase in the fiscal year's deficit compared to the previous year.
- The federal budget deficit reached $532 billion in the first four months of the 2024 fiscal year, marking a 16% increase from the same period last year.
- January 2024 saw a reduction in the deficit to $22 billion, thanks to record-high receipts and lower tax refunds.
- Interest costs surged to $357 billion between October 2023 and January 2024, a 37% increase from the previous year, largely due to Federal Reserve's aggressive interest rate hikes.
- Year-to-date costs for Medicare, Social Security, and military programs have also risen, contributing to the growing deficit.
- The Congressional Budget Office projects the fiscal year's deficit to be around $1.5 trillion, with public debt expected to reach $48.3 trillion by 2034.
BNN Breaking 
The Fiscal Times 
