US Posts $1.8 Trillion Annual Deficit, Highest Outside of Covid

The US government’s budget deficit hit its highest since the Covid pandemic years in 2024, propelled by increased debt interest costs and higher Social Security and defense spending — which more than offset a boost in tax revenues.

The shortfall for the fiscal year, which ended Sept. 30, came to $1.83 trillion, up from $1.7 trillion the previous year and the largest on record aside from the 2020 and 2021 fiscal years, US Treasury data released Friday showed.