US Government Runs 1st-Quarter Budget Deficit of $510 Billion

Interest payments are one of the top budget items for the federal government.

The National Debt Clock in Washington on Nov. 13, 2023. Madalina Vasiliu /The Epoch Times

The U.S. government recorded a budget deficit of $129 billion in December 2023, up by 52 percent from the same time a year ago, according to new data from the Treasury Department.

In the first three months of the current fiscal year, Washington’s budget gap has soared to $510 billion, up by 21 percent year-over-year.