Interest Payments on Debt Consumed More Than Half of US Income Tax Revenue in July

Published on August 12, 2024

Federal interest payments consumed most of the U.S. government’s individual income tax collections in July as debt-servicing charges on the national debt remained elevated, according to new Treasury Department data. The federal deficit totaled $244 billion in July, up 10 percent from a year ago. So far this year, the budget shortfall is $1.517 trillion. A blend of higher interest payments on the national debt and an increase in government spending fueled the budget deficit last month. According to the Treasury, federal spending totaled $574 billion, up 15 percent year over year. Tax receipts were $330.377 billion, rising 20 percent from the same time a year ago....

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From Paris to Los Angeles: How the City Is Preparing for the 2028 Olympics

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Beijing Renews Bid to Move London Embassy, Make 10 Times Larger

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