US deficit tops $1.8 trillion in FY24, 3rd-highest on record

The US budget deficit rose to $1.83 trillion in fiscal 2024, the largest since the COVID-19 period and the third-highest in US history. The deficit was majorly driven by interest on the federal debt which crossed the trillion-dollar level for the first time. The government spending on the Social Security retirement program, healthcare and the military also grew.