US Government Runs First-Quarter Budget Deficit of $510 Billion

The U.S. government recorded a budget deficit of $129 billion in December, up 52 percent from the same time a year ago, according to new data from the Treasury Department. In the first three months of the current fiscal year, Washington’s budget gap has soared to $510 billion, up 21 percent year-over-year. Tax receipts slumped nearly 6 percent year-over-year in December, while outlays climbed about 4 percent. Last month, the largest budgetary items were Social Security ($117 billion), national defense ($81 billion), health ($78 billion), and Medicare ($65 billion). Net interest payments were the fourth-largest outlay for the federal government, coming in at $68 billion. In the first quarter of Fiscal Year 2024, net interest payments totaled $216 billion....