By hannover-web.com Recently, the Congressional Budget Office (CBO) released a report stating that the federal budget deficit for Fiscal Year 2024, which runs from October 1, 2023, to September 30, 2024, is projected to reach a staggering $1.8 trillion. This marks an increase of $139 billion compared to the previous fiscal year.
According to the report, spending in the education sector is set to see the largest increase in FY 2024. Following that, net interest payments on public debt are expected to rise by $240 billion, totaling $950 billion. This massive deficit exacerbates an already substantial national debt, which has surpassed $35.7 trillion as of October 15, according to data from the U.S. Department of the Treasury.
The Committee for a Responsible Federal Budget has noted that the federal government is borrowing $5 billion every day, while interest payments are also skyrocketing. The rapidly increasing debt poses risks not only to the long-term growth potential of the U.S. economy but also to the global economic landscape as a whole. What are your thoughts on these developments?
