Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Khatam al-Anbia HQ: Armed forces had previously announced they would not leave any attack without response; the entity will pay a heavy price.
Iran's Khatam al-Anbia HQ: Israeli entity launched attacks on Iran until 9 a.m over three waves.
Russian Deputy Foreign Minister: No evidence presented that Iran was planning an attack on "Israel"
Iranian TV: Reports of a missile launch from Iran toward the Israeli entity after the ceasefire are unfounded
Israeli media: Two missiles fired from Iran, intercepted.
Israeli media: Powerful explosions heard in North.
Al Mayadeen's correspondent: Sirens sound in Haifa, large areas in occupied al-Jalil, Golan.
Israeli media: Sirens blare in North.
Al Mayadeen's correspondent in South Lebanon: Three martyrs in strike that targeted vehicle on Shoukin-Kfar Dejjal road, Nabatieh District.
Iranian Judiciary Spokesperson: Israeli aggression on Evin Prison a war crime.

Ukraine, 'Israel' aid, student debt spikes US 2024 budget deficit

  • By Al Mayadeen English
  • Source: Agencies
  • 19 Jun 2024 00:09
  • 1 Shares
2 Min Read

According to CBO projections, net interest payments on government debt will grow to 3.1% this year and 3.4% in 2025.

Listen
  • x
  • Ukraine aid, student debt, spikes US 2024 deficit
    Philip Swagel, director of the Congressional Budget Office testifies during a House Committee hearing on February 14, 2024. (AP)

The nonpartisan Congressional Budget Office (CBO) reported Tuesday that the US national debt is on course to increase by 27% this fiscal year compared to earlier estimates.

The CBO upgraded its predictions and now anticipates the federal budget deficit to be $1.9 trillion in the 2024 fiscal year, rising to about $2.0 trillion when accounting for a shift in the timing of some payments.

CBO Director Phillip Swagel reported this would be nearly $400 billion higher than the CBO's February prediction, leaving the deficit at 7.0% of GDP.

Much of the rise from the February prediction is due to a $145 billion increase in predicted student loan outlays after the Biden administration revised the cost of subsidies and suggested a regulation to minimize student loan balances.

The increase also includes numerous other variables like the increase in $60 billion this fiscal year as a result of newly adopted legislation, such as the security aid package for Ukraine, "Israel", and nations in the Indo-Pacific area, Swagel stated.

Related News

NATO aims for 5% defense spending in response to Ukraine war

Netanyahu announces 'Israel' accepted ceasefire with Iran

According to CBO projections, net interest payments on government debt will grow to 3.1% this year and 3.4% in 2025, representing the highest interest expense in percentage to GDP since records began in 1940.

According to Swagel, the US deficit is expected to reach $24 trillion over the next decade, which is around 70% more than the historical average over the previous 50 years.

As a result, the CBO predicts that government debt owned by the public will climb from 99% this fiscal year to 122% in 2034.

The steep growth in debt, both in absolute terms and as a proportion of GDP, has been slightly mitigated by recent immigration surges.

According to the CBO, net immigration between 2021 and 2026 is predicted to be significantly higher than the historical average of about 200,000 individuals per year, helping to offset the rise in debt.

"The immigration surge is projected to increase the nation's nominal GDP by a total of $8.9 trillion, or 2.4 percent, over the 2024-2034 period," Swagel stated, adding that this would reduce the deficit by almost $900 billion.

  • United States
  • us budget
  • US budget deficit
  • Ukraine
  • US military package
  • military aid

Most Read

Israeli workers survey the site where a missile launched from Iran struck in Haifa on Sunday, June 22, 2025. (AP)

True Promise 3, wave 20: 40 missiles launched, Kheibar-Shekan in first

  • Politics
  • 22 Jun 2025
Rescue team work at the site where a missile launched from Iran struck Tel Aviv, Israel, Monday, June 16, 2025 (AP)

Wave 12 of Operation True Promise 3 launched, Sejjil deployed: IRGC

  • Politics
  • 18 Jun 2025
Iran launches missile barrage to Tel Aviv, casualties reported

True Promise 3, wave 14: Tel Aviv targeted, casualties reported

  • Politics
  • 19 Jun 2025
Iran's heavy barrages impact multiple Israeli targets overnight

Iran's heavy barrages impact multiple Israeli targets overnight

  • Palestine
  • 18 Jun 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
President Donald Trump speaks with reporters upon arriving at Morristown Municipal Airport in Morristown, N.J., Friday, June 20, 2025. (AP Photo/Manuel Balce Ceneta)
Politics

Trump lashes out at media outlets for downplaying Iran strike impact

ap
Politics

Turkey denies role in US-Israeli strikes on Iran nuclear sites

Iran targets US air base in Qatar with 'destructive' missile strike
MENA

Iran retaliates, targets US air base in Qatar with missiles

Demonstrators hold up a banner during a protest by Palestine Action group in London, Monday, June 23, 2025. (AP Photo/Frank Augstein)
Politics

UK signals 'terror' ban on 'Palestine Action', sparking protests

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS