US Budget Deficit Soars to $1.8 Trillion Amid America’s Military Expenditure
CBO estimates indicate a deficit uptick of 11% from the $1.7 trillion recorded during fiscal year 2023. The US government spent $6.8 trillion in fiscal year 2024, about 10% more than in 2023.
The Biden administration has spent much more than it collected in revenue, with a budget deficit for fiscal year 2024 standing at $1.8 trillion, the highest level since the Covid-19 pandemic, the Congressional Budget Office (CBO) said.
Republican Senator Chuck Grassley has meanwhile referred to the CBO survey as he blamed President Joe Biden and Vice President Kamala Harris for “ignoring resounding messages from Americans nationwide, as well as alarms from global credit ratings companies.”
"By consistently choosing a spendthrift agenda over fiscal sanity, this administration has hamstrung our economy for generations to come," Grassley said in a statement.
This comes after a report for Brown University’s Costs of War project showed that the US had spent a record of at least $17.9 billion on military aid to Israel since October 2023.
When it comes to the Ukraine conflict, the US has already allotted over $174 billion towards support of the Kiev regime, with more such spending expected to be announced at a meeting of the Ramstein group, which was rescheduled after President Joe Biden canceled his trip to Germany due to Hurricane Milton.