US budget deficit hits $1.8 trillion for fiscal 2024, per CBO
- The federal deficit reached $1.8 trillion for fiscal year 2024, which ended on Sept. 30, as reported by the Congressional Budget Office.
- Spending by the federal government rose to $6.8 trillion, increasing by 10% compared to the previous fiscal year.
- Despite high spending, tax revenue grew by 11% to $4.9 trillion, fueled by a $249 billion increase in individual income taxes.
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