US budget deficit quadrupled in year

By Alimat Aliyeva

The U.S. budget deficit for October reached $257 billion, nearly four times higher than the deficit for the same period in 2023, Azernews reports.

For comparison, the U.S. budget deficit in October of last year was $67 billion. This represents a staggering 283% increase in just one year.

Experts attribute the sharp rise to a combination of factors, including increased government spending on economic stimulus programs, higher interest payments on the national debt, and slower-than-expected economic growth. Additionally, tax revenues have not kept pace with rising expenditures, exacerbating the budget gap.

Interestingly, the widening deficit also reflects broader challenges facing the U.S. economy, such as inflationary pressures and ongoing geopolitical instability. As the U.S. government continues to borrow to cover its expenses, concerns are growing about the long-term sustainability of such a fiscal trajectory. The soaring deficit could prompt discussions about potential reforms to taxation and public spending in the coming months.