Federal Deficit Grows to $510 Billion in First Quarter as Spending Outpaces Revenue Growth
• Federal deficit grew by $89B in first quarter of 2024 compared to previous year, reaching $510B • Increase driven by faster growth in spending than tax revenue; interest costs were largest contributor • Federal revenue rose from individual, payroll, and corporate taxes • Mandatory spending on Social Security and Medicare also increased • Deficit remains historically high after peaking during COVID pandemic; national debt now over $34 trillion