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US budget deficit hits five-year high
The deficit in the U.S. budget recorded its highest level in more than five years, reaching $432.3 billion in July, representing an increase of about 48% compared to the same month last year. This reflects higher costs for Medicare programs, which amounted to $174 billion during the month, as well as debt service costs, which have reached $1.17 trillion since the start of the fiscal year. Additionally, the rise in interest expenses, totaling $931 billion, has increased pressure on the American public finances and expectations for the Federal Reserve to keep interest rates stable, amidst slowing inflation and a weak labor market.
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