The $1.52 trillion budget deficit for 10 months till July narrowed 6% from last year. July deficit at $244 billion was 16% smaller than in 2023. Interest costs surged by 32% to $956 billion, partially due to the Federal Reserve's rate hikes.
Higher revenues helped narrow the deficit, driven by deferred tax deadlines. The interest burden from outstanding debt has significantly increased, with a weighted average interest rate hitting 3.33%, the highest since January 2010.
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