US deficit hits $1.97T in 11 months

According to data from the U.S. Treasury Department, the federal budget deficit during the first 11 months of the fiscal year amounted to $1.97 trillion. Despite this, the August deficit decreased by 52% compared to the same month last year, reaching $167 billion. This decline is due to reduced spending, including payments for illegally collected customs fees, lower interest payments, and the postponement of certain benefit disbursements. However, after data adjustments, the August deficit stands at $248 billion—up $7 billion from the previous year. Meanwhile, unconsolidated federal spending increased by 24% to $527 billion, and customs revenues rose by 5% to $360 billion, including $12.84 billion from customs duties.

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