US Treasury: The budget deficit exceeded $1 trillion!

The US budget deficit exceeded $1 trillion in the first six months of the fiscal year, partly due to rising interest on public debt, according to Treasury Department data.

Despite this, the current gap is 3% lower compared to last year.

During this period, revenues rose seven percent to record levels, while expenses rose 3%.

The Department specifically cited an increase in corporate and personal tax revenues.

However, interest costs paid on public debt rose by 36%, contributing to increased spending, as spending increased on defense programs and the Social Security Administration.

A decrease in expenditures was recorded for March, partly due to the lack of major bank failures this year.

The expansion of the deficit last year increases pressure on President Joe Biden in his bid to win a second presidential term, especially as interest rates continue to rise.