- Royal rest for cancer patient king on first day of Australia tour
- Man arrested after throwing suspected petrol bombs at Japan ruling party HQ: media
- Verstappen ends long wait for pole at US Grand Prix sprint qualifying
- 'Heartbreaking': Dad, fans grieve Liam Payne's death
- Ligue 1 leaders Monaco held by Lille in stalemate
- Record high Colombian cocaine production in 2023: UN
- McLaren boss blasts rival's comments on Norris as "tasteless"
- El Salvador activists acquitted after contentious trial
- FIA inspect Red Bull car's to check controversial set-up device
- Power plant failure triggers blackout across cash-strapped Cuba
- US budget deficit widens to $1.8 tn, third highest on record
- Google wins delay opening Android app store to rivals
- Global markets mixed as investors weigh earnings and China GDP
- Harris targets Trump's age after report of exhaustion
- Guirassy saves Dortmund's blushes against St Pauli
- 'Completely crazy' as Lavreysen wins record 15th world cycling title
- Animal rights activists sentenced for Buckingham Palace fountain protest
- Cuba experiences nationwide blackout after power plant failure
- Sainz puts Verstappen, Norris in shade at US Grand Prix practice
- New Zealand edge West Indies to reach Women's T20 World Cup final
- UK's Lammy warns China over support for Russia in Ukraine
- Global coral bleaching event biggest on record: US agency
- UK activist jailed for dyeing fountain outside Buckingham Palace red
- Relief, anxiety in Israel after Sinwar's killing
- Wawrinka, 39, ousts top seed Rublev to reach Stockholm semis
- Harris, Trump descend on Michigan amid blockbuster early voting
- West Indies' Dottin restricts New Zealand to 128-9 in World Cup semi
- Sinwar's killing boosts Netanyahu but still no sign of war ending
- High court throws Kenya deputy president replacement into disarray
- Father of One Direction star Payne arrives in Argentina
- Guardiola says 'part of me will leave' when Begiristain quits Man City
- 'Timebomb' ship highlights hazard of dangerous cargoes
- France charges SUV driver with murder for running over cyclist
- Ex-Fulham Ladies captain Ronnie Gibbons 'groped' by Al-Fayed
- Italy judges reject first migrant detentions in Albania
- What next for Hamas after Sinwar's killing?
- Postecoglou urges inconsistent Spurs to change perceptions
- UN force says 'widespread destruction' in south Lebanon
- New Zealand on America's Cup cusp after double triumph
- New Zealand's Ravindra makes father proud with 'special' Test ton
- Stock markets mixed as investors weigh earnings, China GDP
- Ten Hag slams 'fairy tales and lies' as Man Utd boss comes out fighting
- Hamas mourns Sinwar, vows no hostage release until war ends
- Forest boss Nuno hit with three-game ban
- 'The killings continue': Sinwar death brings no respite for Gazans
- Gaza 'hell on Earth' for one million children: UN
- Maresca 'very happy' with start of Chelsea career
- New Zealand extends America's Cup lead on Britain
- England boss Tuchel deserves unconditional support: Guardiola
- P&G profits dip, says China recovery will take time
US budget deficit widens to $1.8 tn, third highest on record
The United States on Friday reported a budget deficit of $1.8 trillion for the past year, widening from 2023's level on greater spending, including for interest on the public debt.
The overall deficit expanded by $138 billion for the year ending September 30, said the Treasury Department. The nation's debt remains a key concern for voters ahead of November's presidential election.
This year marks the third highest US deficit, behind 2021 and 2020, according to the Treasury.
In the 2020 budget year, the deficit hit a record of $3.1 trillion as spending soared to help the economy weather the Covid-19 pandemic.
In the latest fiscal year, there was a near 30 percent rise in spending on interest on the public debt, largely due to higher interest rates, the Treasury noted. It topped $1 trillion.
But the department added that the widened deficit overall was partly due to a reversal of over $330 billion in costs last year, when President Joe Biden's student loan forgiveness program was struck down by the Supreme Court.
The latest fiscal year also saw an increase in Social Security spending and that on defense.
The rise in receipts, meanwhile, was mainly due to increases in the amount of individual and corporate income tax collected, among other areas.
Although receipts rose from fiscal year 2023, "they remain below historical averages as a share of GDP," said the Treasury and Office of Management and Budget (OMB).
- 'Fiscal responsibility' -
As a percentage of GDP, the deficit was 6.4 percent, up from 6.2 percent in the fiscal year of 2023.
Following the report, a White House official pointed to Congressional Republicans for "tax cuts that led to low revenue levels that increased the debt."
In announcing the latest budget figures, Treasury Secretary Janet Yellen noted that the US economy remained resilient in 2024.
Shalanda Young, director of the OMB, added that the Biden administration has maintained "a commitment to fiscal responsibility."
Both agencies noted that total federal borrowing from the public grew by $2.0 trillion during the latest fiscal year, to $28.2 trillion.
The rise in borrowing included funds to finance the deficit.
As a percentage of GDP, borrowing from the public rose from 96 percent to 98 percent.
The economy has been a key issue of concern in the White House race, with voters feeling the effects of heightened costs of living and as higher interest rates bite.
But the Federal Reserve has begun lowering rates last month, signaling more cuts to come.
Tied to how the economy performs are concerns surrounding the national debt.
D.Sawyer--AMWN