"U.S. Fiscal Year Q1 Deficit Reaches $500 Billion, December Deficit Soars to $129 Billion"

The US government's budget deficit for the first quarter of fiscal year 2024 reached nearly $510 billion, contributing to a total government debt surpassing $34 trillion for the first time. Despite efforts to reduce the deficit through the Inflation Reduction Act, the deficit is on track to exceed $2 trillion by the end of the year. Rising inflation and elevated interest rates have further increased financing costs for the government, with debt as a percentage of GDP reaching 120% in the third quarter of 2023.