US Budget Gap Hits $1.07 Trillion in First Half of Fiscal Year
- Year-to-date deficit 4% higher on a calendar-adjusted basis
- March outlays smaller in part due to FDIC outlays last year
The US Capitol Building in Washington, DC.
Photographer: Anna Moneymaker/Getty ImagesThe US budget deficit widened in the six months through March as higher debt-servicing costs continued to be a key driver of the gap.
The deficit for the first half of the 2024 fiscal year reached $1.07 trillion. Adjusted for calendar differences, the gap was 4% greater than the one recorded in the same period in the prior year, Treasury Department data released Wednesday showed.