US Budget Deficit Soars to $87 Billion in December 2024
The US Treasury Department recently released the budget balance report for December 2024, revealing some significant figures regarding the federal government’s finances.
In December 2024, the federal government’s budget deficit was reported to be 87 billion dollars. This marked a decrease of 33 percent compared to the same month in the previous year, where the deficit stood at 129 billion dollars. Market expectations had predicted a deficit of 80 billion dollars for this period.
The report also detailed that government revenues saw a 6 percent increase to 454 billion dollars in December, while expenditures decreased by 3 percent to 541 billion dollars. This balance between revenue and spending contributed to the decrease in the overall budget deficit for the month.
Looking at the broader picture, the total budget deficit for the first three months of the 2025 fiscal year reached 711 billion dollars, marking a significant 39 percent increase compared to the same period in the previous year. Expenditures for the first three months rose by 11 percent to 1.8 trillion dollars, while revenues decreased by approximately 2 percent to 1.1 trillion dollars.
In the 2024 fiscal year, the US budget deficit increased by 8 percent compared to the previous year, reaching 1.8 trillion dollars. This made it the third largest budget deficit in the country’s history. The federal government will continue to monitor and manage its finances to address these budgetary challenges in the coming months.
