CBO Estimates FY 2024 Deficit to Increase to $1.9 Trillion
The Congressional Budget Office reported that the U.S. budget deficit is expected to reach $1.915 trillion in fiscal year 2024, surpassing the $1.695 trillion deficit from the previous year. This will mark the largest deficit outside of the COVID-19 pandemic era. The increase is attributed to higher spending on areas such as student loans, Medicaid, bank failures, and other expenses.
