2024’s Deficit Is Already on Track to Be the Worst Since Covid

By Ryan McMaken – Mises Wire

According to the latest monthly statement from the Treasury Department, the total budget deficit for the 2024 fiscal year (which began October 1) has already risen above $380 billion. The new total, which includes the months of October and November, puts the US on track for a total annual deficit of more than $2 trillion by the end of the fiscal year. That would be an increase of more than 25 percent over 2023 fiscal year, which was itself a 23 percent increase over 2022.