In one of the biggest economic stories of the year that nobody seems to care about, the Biden administration ran the third-largest budget deficit in history in fiscal 2024 and paid over $1 trillion just on interest payments on the debt.

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,

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 revenue.

The United States on Friday reported a budget deficit of $1.8 trillion for the past year, widening from 2023's level on greater spending, including for interest on the public debt.

America’s budget deficit hit a massive $1.8 trillion in 2024, making it the third largest deficit in U.S. history. This figure, confirmed by the Treasury Department, represents an increase of over 8% from last year.