The U.S. budget deficit grew to $1.833 trillion for fiscal 2024, the highest outside of the COVID era, as interest on the federal debt exceeded $1 trillion for the first time and spending grew for the Social Security retirement program,

Yet again, the federal government spent far more than it collected in revenue, racking up a budget deficit of $1.8 trillion for fiscal year 2024, according to the Congressional Budget Office.

The federal budget deficit for fiscal 2024 was $1.8 trillion, up 8% from a year ago, as the government’s spending continued to swamp revenues. The fiscal year ended on Sept. 30. Key details: Spending rose 10% to $6.