United States|The US deficit has only been bigger in the corona years.
of the United States of the Ministry of Finance by the budget year 2024 deficit rose to about $1.8 trillion. The deficit for the federal budget year that ended at the end of September was about 138 billion bigger than the previous year.
The 2024 budget deficit was the third largest in US history. The deficit was larger in the corona years 2020 and 2021. The largest budget deficit has been 3.1 trillion dollars in the 2020 budget year.
Due to the high interest rates, the interest expenses of the public debt increased in the budget year 2024 by almost 30 percent, or about 254 billion dollars, compared to the previous year.
Social security and defense expenditures also increased in the ended budget year. Social security spending increased by $103 billion and defense spending by $50 billion.
Compared to the gross national product, the deficit was 6.4 percent, which was 0.2 percentage points more compared to the budget year 2023.
In total, federal budget expenditures were approximately $6.8 trillion.
The US economic situation has been one of the most important issues in this year’s presidential election race.