The U.S. Treasury Department revealed that the government posted a budget deficit of $244 billion in July up 10 percent from the same month a year earlier. The deficit increased by $23 billion compared to a deficit of $221 billion in July 2023.
Debt servicing costs continued to rise, with interest on debt rising 21 percent to $89 billion last month. The average interest rate rose 49 basis points to 3.33 percent. In the first ten months of fiscal year 2024, the U.S. deficit fell 6 percent to $1.517 trillion compared with $1.614 trillion in the same period in fiscal year 2023.
Source (Al Arabiya.net Website, Edited)
