U.S. Deficit Skyrockets in December: A 52% Surge to $129 Billion In December, the U.S. federal deficit soared to $129 billion, marking a dramatic 52% increase from the previous year. This rise was fueled by a 3% hike in government expenditures, reaching a record $559 billion, primarily driven by escalated Social Security and public debt interest costs. Compounding the situation, December saw a 6% drop in government receipts to $429 billion, contrasted against the higher levels of December 2022, inflated by pandemic-delayed tax payments. Notably, the first quarter of the 2024 fiscal year witnessed the deficit climbing to $510 billion, a 21% rise from last year, with both outlays and receipts hitting record highs. The cost of interest on public debt also surged by 11% to $119 billion in December, attributed to elevated debt levels and a higher average interest rate of 3.11%, significantly up from the previous year. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts US Housing Market Shows Life, Yet Overvaluation Clouds Recovery, Fitch Reports READ MORE Nobel Economists Unite: Trump's Policies Could Trigger Inflation Surge READ MORE Dollar's Decline Fuels Gold's Advance; All Eyes on U.S. Economic Data READ MORE Gold Prices are Dropping. CBSNews Shares 5 Good Reasons to Invest Now READ MORE Trade Tensions Rise: India Slaps Tariffs on Chinese and Vietnamese Steel READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment