{"id":253688,"date":"2024-08-12T23:30:32","date_gmt":"2024-08-12T23:30:32","guid":{"rendered":"https:\/\/michigandigitalnews.com\/index.php\/2024\/08\/12\/us-debt-interest-costs-hit-1-trillion-in-fiscal-year-to-date\/"},"modified":"2025-06-25T17:12:31","modified_gmt":"2025-06-25T17:12:31","slug":"us-debt-interest-costs-hit-1-trillion-in-fiscal-year-to-date","status":"publish","type":"post","link":"https:\/\/michigandigitalnews.com\/index.php\/2024\/08\/12\/us-debt-interest-costs-hit-1-trillion-in-fiscal-year-to-date\/","title":{"rendered":"US debt interest costs hit $1 trillion in fiscal year to date"},"content":{"rendered":"

[ad_1]
\n
<\/p>\n

\n

The US budget deficit exceeded $1.5 trillion with two months to go until the end of the fiscal year, down slightly on 2023 though vastly larger than pre-pandemic times.<\/p>\n

\n

The $1.52 trillion gap for the 10 months through July was down 6% from the same period last year, Treasury Department data released Wednesday showed. For the month of July, the deficit was $244 billion \u2014 16% smaller than July 2023, adjusted for calendar differences. The adjusted year-to-date narrowing was 5%.<\/p>\n

Higher revenues helped narrow the deficit. Receipts have risen in part because of a deferral of tax deadlines from fiscal 2023 into this year in states that suffered from natural disasters. Affected areas included most of California.<\/p>\n

The interest burden on outstanding US debt remained a major drag on the budget. Interest costs in the first 10 months of the fiscal year totaled $956 billion, up 32% from 2023. The Federal Reserve\u2019s aggressive interest-rate hiking campaign, aimed at quelling inflation, has made debt more expensive to issue for the federal government.\u00a0<\/p>\n

The weighted average interest rate on outstanding US interest-bearing government debt was 3.33% at the end of July \u2014 the highest since January 2010 and up about half a percentage point from a year before.\u00a0<\/p>\n<\/div>\n

Recommended Newsletter: <\/strong>CEO Daily provides key context for the news leaders need to know from across the world of business. Every weekday morning, more than 125,000 readers trust CEO Daily for insights about\u2013and from inside\u2013the C-suite. Subscribe Now<\/a>.<\/div>\n<\/div>\n

[ad_2]
\n
Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

[ad_1] The US budget deficit exceeded $1.5 trillion with two months to go until the end of the fiscal year, down slightly on 2023 though<\/p>\n","protected":false},"author":1,"featured_media":253689,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[149],"tags":[],"_links":{"self":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/253688"}],"collection":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/comments?post=253688"}],"version-history":[{"count":0,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/253688\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media\/253689"}],"wp:attachment":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media?parent=253688"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/categories?post=253688"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/tags?post=253688"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}