Posted 1/11/2024, 7:13:00 PM
U.S. Budget Deficit Surges in December to $129 Billion as Spending Rises and Revenue Falls
- U.S. budget deficit widened to $129B in December, up from $85B last year
- For the first 3 months of fiscal year, deficit widened to $510B, up from $421B last year
- In December, spending increased faster while receipts shrank
- Interest on federal debt up $78B over first 3 months of fiscal year vs last year
- Economists express alarm over upward deficit trend, say higher spending will curb economy's long-run growth