The Hard Numbers on the $1.517 Trln 2024 Deficit
AInvestMonday, Aug 12, 2024 3:32 pm ET
1min read

The U.S. Treasury Budget for July revealed a significant widening of the budget deficit, reaching $243.7 billion, up from $220.8 billion in the same month last year. This substantial deficit was driven by government expenditures far exceeding revenue collections.

In July, the total outlays amounted to $574.1 billion, while receipts were considerably lower at $330.4 billion.

A key factor contributing to this growing deficit is the high cost of net interest payments, which now surpasses spending on national defense. The largest portion of revenue came from Individual Income Taxes, totaling $154 billion, followed by Social Insurance & Retirement Receipts at $128 billion.

On the expenditure side, Social Security was the biggest expense, accounting for $123 billion, followed by Medicare at $92 billion and net interest payments at $81 billion.

The fiscal year-to-date deficit now stands at $1.517 trillion, which is slightly lower by 6% compared to the same period last year. This ongoing trend of large deficits underscores the financial challenges faced by the U.S. government, particularly as interest costs continue to climb.

This data highlights the persistent fiscal pressures facing the U.S. government, driven by rising interest expenses and significant spending on social programs, making the budgetary landscape increasingly challenging.

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