US Budget Deficit Hits $1.9 Trillion—With 1 Month Left to Go

The U.S. budget deficit surged to $1.9 trillion in August, with one month left until the end of the fiscal year, fueled by burdensome interest charges. According to the Monthly Treasury Statement, the federal government registered a $380 billion deficit in August, the widest monthly shortfall since September 2022. This starkly contrasts the $89 billion surplus reported in August 2023 and is in line with the Congressional Budget Office’s (CBO’s) latest Monthly Budget Review. “August has been a deficit month 69 times out of 70 fiscal years because there are no major tax due dates in this month,” the Treasury Department said. Revenues in August rose by 8 percent year over year, totaling $306.54 billion. Outlays also increased by about 8 percent, topping $686 billion....