Source: Independent Institute
by Craig Eyermann
“The final numbers for the U.S. government’s spending and revenues during its 2024 fiscal year have finally come in. From October 1, 2023, through September 30, 2024, the U.S. government’s spending exceeded its revenues by $1.833 trillion. That is the third-largest budget deficit ever recorded, and it occurred despite the federal government collecting a record amount of tax revenue during the year. The U.S. government’s total receipts were nearly $4.919 trillion, and its total outlays exceeded $6.751 trillion, the second-highest amount spent in U.S. government history. … It’s almost impossible to understate how fast the amount of interest the U.S. government pays on its accumulated national debt is growing. That liability, through the end of the 2024 fiscal year, has grown to $35.465 trillion.” (10/22/24)
https://blog.independent.org/2024/10/22/exploding-interest-on-the-national-debt