The US federal budget deficit reached $510 billion in the first quarter of fiscal 2024, which started in October. report US Treasury.
In December, the deficit reached $129.4 billion (+52% year-on-year). Revenue in the period of $429 billion was $26 billion lower than the same period last year. On the contrary, expenses increased by 19 billion dollars annually, reaching 559 billion dollars.
The increase in deficits pushed the total national debt above $34 trillion for the first time.
The report stated that the deficit continues to accumulate despite the Biden administration’s assurances that the Inflation Reduction Act would save “hundreds of billions of dollars” in the budget deficit in addition to reducing prices. CNBC. At the current rate, the annual deficit is expected to exceed $2 trillion. In 2023, this figure was 1.7 trillion dollars.
According to preliminary data, the 2023 budget deficit in Russia will be made 3.24 trillion rubles. Revenue increased by 4.7% year-on-year to 29.12 trillion rubles.
Before reportedIt was stated that the Ministry of Finance of the Russian Federation will start selling foreign currency and gold as of January 15 due to low budget revenues from oil and gas sales.