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US budget deficit to exceed $500 billion in Q4 2023

TB (according to VNA) January 12, 2024 12:57

The US government's budget deficit in the first three months of fiscal 2024 increased 21% to $510 billion, higher than the $421 billion in the same period last fiscal year.

Người tiêu dùng mua hàng trong siêu thị tại Millbrae, California, Mỹ ngày 14/3/2023. (Ảnh: THX/TTXVN)
Consumers shop at a supermarket in Millbrae, California, USA on March 14, 2023

The US budget deficit has increased sharply in the first three months of fiscal year 2024 (October-December 2023) as tax revenues exceed spending and public debt service costs increase, according to US Treasury data.

Accordingly, the US government's budget deficit in the first three months of fiscal year 2024 increased by 21% to $510 billion, higher than the $421 billion in the same period last fiscal year. The US public debt has now exceeded $34,000 billion.

However, government spending increased sharply during this period, with public debt interest payments increasing by $78 billion compared to the same period last fiscal year. Overall, state budget spending increased by $54 billion.

Government data also showed areas where spending increased this quarter included military programs and programs under the US Social Security Administration.

During this period, total US government spending reached $1,600 billion.

TB (according to VNA)
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US budget deficit to exceed $500 billion in Q4 2023