The Treasury Department said that the U.S. public deficit hit a new "record high" between September and December after declining revenues and increased spending, particularly due to frequent hurricane disasters. The deficit was $711 billion during this period, up 39 percent year-on-year.
In the United States, the fourth quarter of 2024 is the first of fiscal year 2025, which ends September 30, 2025.
The deficit due to "record" spending also widened by about $1,800 billion in three months, up 11 percent from the same period last year. In parallel, revenues fell by 2 percent.
Source (Al-Arabiya.net Website, Edited)
