US deficit hits 2 trillion by August
As of August, the U.S. budget deficit reached two trillion dollars, approaching the two-trillion-dollar mark, despite various adjustment factors that helped reduce the deficit by 52% compared to the previous year. Data shows that the monthly deficit in August was 166.8 billion dollars, bringing the total cumulative deficit for the fiscal year to 1.96 trillion dollars, which likely would have been higher had it not been for calendar adjustments. Public debt interest payments totaling 40 trillion dollars amounted to 86 billion dollars, making it the largest expenditure item after Social Security expenses. The annual interest on debt reached 1.27 trillion dollars, while revenue from customs duties imposed by Trump exceeded 23 billion dollars, with the administration refunding about 10.5 billion of that following a court decision that nullified some of the tariffs.
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