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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