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 Gold Market ETF Demand Hits Two-Year Peak READ MORE U.S. Labor Market Defies Expectations with Lower than Expected Jobless Claims READ MORE China Tightens Grip on Rare Earth Metals, Declaring State Ownership READ MORE Japan Sounds the Alarm on Yen's Speculative Tumble Amidst Rising U.S. Inflation READ MORE Supreme Court Boosts Dollar Outlook with Trump Immunity Ruling READ MORE Add a Comment Cancel replyYour email address will not be published.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