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 Treasury Secretary Yellen: Debt Burden Sustainable at Current Levels READ MORE Oil Prices Stagnate as Demand Worries Mount READ MORE Japan Spends $59 Billion in Market Moves to Bolster Yen Amid Economic Woes READ MORE Federal Reserve Shows Little Urgency to Cut Interest Rates READ MORE Fed's Goolsbee Signals Readiness for Rate Cuts as Inflation Eases READ MORE Add a Comment Cancel replyYour email address will not be published.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