The federal government’s budget deficit was $1.8 trillion in fiscal year 2024 (which ended in September). It was actually over $2 trillion, but budget gimmicks let them report a lower number.
A major source of the growing deficit is interest on the public debt, which grew to over $1.1 trillion in FY24.
Interest on the debt is now the second largest federal expenditure after Social Security, which costs $1.5 trillion, surpassing defense spending of $826 billion and Medicare spending of $869 billion.
As currently measured, interest paid on the $36 trillion national debt will consume approximately 25% of all government revenue during 2025. The government collects about $5 trillion per year in revenue (tax, tariffs, fees).
We will spend over $7 trillion during 2025 with over a $2 trillion budget deficit. We need @elonmusk and @RonPaul to dramatically cut the cost of government. This is not sustainable.
https://x.com/WallStreetSilv/status/1852812581607502189