The Treasury Department said the overall deficit widened by $138 billion for the fiscal year that ended September 30. Public debt remains a major concern for voters ahead of the presidential election in November.
This year represents the third highest deficit recorded US After 2021 and 2020, according to the Treasury Department.
She added that there was an increase of about 30 percent in spending on public debt interest, largely due to higher interest rates.
The increase in revenues in the last fiscal year was mainly due to the increase in the collection of individual income tax and corporate tax.
In announcing the latest budget results, Treasury Secretary Janet Yellen confirmed that the American economy remained resilient in 2024.
The Treasury Department indicated that the deficit in 2024 was about $76 billion less than the estimates published in March.
The deficit-to-GDP ratio reached 6.4 percent, up from 6.2 percent in fiscal year 2023.
