Interest Payments on Debt Consumed More Than Half of US Income Tax Revenue in July

The budget deficit has surpassed $1.5 trillion with two months to go in the fiscal year.

The national debt clock at a bus station in Washington, on Aug. 6, 2024. Madalina Vasiliu/The Epoch Times

Federal interest payments consumed most of the U.S. government’s individual income tax collections in July as debt-servicing charges on the national debt remained elevated, according to new Treasury Department data.

The federal deficit totaled $244 billion in July, up 10 percent from a year ago. So far this year, the budget shortfall is $1.517 trillion.