US Treasury reports budget deficit of $380 billion in August By Reuters

WASHINGTON (Reuters) – The U.S. Treasury reported a $380 billion federal budget deficit for August on Thursday, a sharp turnaround from the $89 billion surplus in August 2023 that resulted from the reversal of a loan forgiveness program for President Joe Biden’s students.

The deficit for the first 11 months of fiscal 2024 reached $1.897 trillion, a 24 percent increase from a gap of $1.525 trillion in the year-ago period, as current-year interest costs on the public debt exceeded for first time $1 trillion. a Treasury official said.