U.S. Budget Deficit Rises to $1.8 Trillion in 2024

America’s federal budget deficit rose to $1.8 trillion in the 2024 fiscal year, reaching the highest level in three years, according to new Congressional Budget Office estimates released on Tuesday.The increase from last year’s $1.7 trillion deficit came as tax revenue failed to keep pace with the rising costs of government programs and the mounting interest on the national debt.The figures show the continuing fiscal strain facing the U.S.economy, where the national debt is approaching $36 trillion.

Despite steady economic growth and low unemployment, annual deficits are growing again after declining from pandemic-era highs.In September, the final month of the fiscal year, the United States recorded a $63 billion surplus, according to C.B.O.America’s reliance on borrowed money to fund its priorities and pay its bills is not expected to end any time soon.

Both Vice President Kamala Harris and former President Donald J.Trump are proposing policies that, if enacted, would cost trillions of additional dollars over the next decade.

Much of that spending is expected to be financed with borrowed money.The Committee for a Responsible Federal Budget, a nonpartisan group that seeks lower deficits, projected in a report this week that Mr.Trump’s various plans could cost as much as $15 trillion over a decade.

Ms.Harris’s economic plans could cost as much as $8 trillion.Ms.

Harris has said she will pay for her agenda by raising taxes on wealthy individuals and large companies.Mr.

Trump has promised to pay for his by cutting government waste and stimulating stronger economic output.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access.If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe....