MNI BRIEF: US Budget Deficit Expands To USD828B Through Feb

The U.S. government has racked up a USD828 billion budget deficit in the first five months of fiscal year 2024, up USD105 billion dollars relative to the same time period in the previous fiscal year, the Treasury Department reported Tuesday.

The federal deficit was USD296 billion in February, up USD34 billion from the same month last year. Compared to fiscal year 2023, year-to-date revenue is up 7% (USD121 billion) while spending is up 9% (USD 227 billion), both record-setting levels.

Interest on the public debt saw a record increase for the month of February, jumping 67% to USD76 billion. So far this fiscal year the interest on the public debt has totaled USD433 billion, a jump of 41% compared to this point last year. The weighted average interest rate on the debt outstanding is 3.2%, up 68 basis points since February last year.