The US Treasury Department has reported that the total budget gap has grown by $138 billion.

The United States has announced that its budget deficit has increased to $1.8 trillion over the past year, marking the third highest figure on record.
On Friday, the US Treasury Department reported that the total budget gap grew by $138 billion for the fiscal year ending September 30, 2024.
The Treasury cited a nearly 30% increase in interest payments on public debt, primarily due to rising interest rates, as a key factor in the widening deficit.
Additionally, the deficit was partially influenced by a reversal of over $330 billion in expenses from the previous year, when the Supreme Court overturned President Joe Biden’s student loan forgiveness program.
A White House official attributed the increase in the deficit to congressional Republicans, stating that “tax cuts led to low revenue levels that increased the debt.”
Moreover, excessive military spending and rising Social Security costs further exacerbated the situation.

Full Al Mayadeen report