The United States has reported a staggering budget deficit of $1.833 trillion for the fiscal year 2024, marking an 8% increase from the previous year. This figure represents the third-largest deficit in U.S. history, trailing only the record deficits of 2020 and 2021. Contributing factors include significant expenditures on debt service, with interest payments surging nearly 30%.
Additionally, increases in social security, healthcare, and military spending have exacerbated the deficit. The financial landscape reflects a concerning trend, as interest on national debt has now surpassed $1 trillion for the first time.
In comparison, Germany's budget deficit for 2023 was reported at €87.4 billion, highlighting the scale of the U.S. fiscal challenges.
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