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The US budget deficit reached $243.7 billion in July


August, 13 2024
watermark Economic news

In July 2024, the US federal budget deficit reached $243.7 billion, which is 10.4% more than in July 2023. 


Despite a 19.6% increase in budget revenues to $330.377 billion, expenditures increased even more – by 15.5% to $574.119 billion. In the first ten months of the fiscal year (from October 1), the budget deficit amounted to $1.517 trillion, which is 6% less than in the same period last year. 


However, the growth of government spending, especially interest payments on the national debt (32% to $956 billion), raises serious concerns. 


According to the U.S. Treasury Department, the national debt has exceeded $35 trillion for the first time in history. 


The Congressional Budget Office predicts that by 2034 it will reach $50 trillion, accounting for more than 122% of GDP. Such dynamics can lead to serious economic problems in the future, especially given the projected average annual GDP growth in the period 2029-2034 – only 1.8%.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.