US Budget Deficit Crosses $1 Trillion Halfway Through Fiscal Year 2024

The U.S. budget deficit topped $1 trillion in the first six months of fiscal year 2024, putting the federal government on track to record its fifth consecutive trillion-dollar-plus shortfall. According to the Treasury Department, the federal shortfall totaled $236 billion in March, down 38 percent from a deficit of $378 billion in the year-ago month. As a result, the fiscal year-to-date budget gap is $1.065 trillion, down $36 billion from the same time last year. The 12-month rolling federal deficit has totaled $1.7 trillion, down $37 billion in the same span last year. As a share of the economy, the deficit represented 6 percent of the gross domestic product (GDP)....