America's budget deficit rose to $1.8 trillion during fiscal year 2024 (which ends in September each year) due to large spending and public debt interest compared to the previous year.
The Treasury Department estimated the overall deficit to widen by $138 billion for the fiscal year. Public debt remains a major concern for voters ahead of November's presidential election.
This year represents the third highest deficit recorded by the United States after 2021 and 2020, according to the Treasury Department, which indicated that there was a rise of about 30 percent in spending on public debt interest, largely due to higher interest rates.
