US budget deficit reaches five-year peak
The U.S. budget deficit has risen to its highest level in over five years, reaching $432.3 billion in July, a 48% increase compared to the same month last year. This was driven by higher spending on the "Medicare" program, which amounted to $174 billion, customs duty refunds, and holiday-related losses. Since the beginning of the fiscal year, total deficits have reached approximately $1.8 trillion. Meanwhile, the United States has paid $1.17 trillion in servicing its national debt, which totals $39.9 trillion, with interest payments on the debt rising to $931 billion. There are also expectations that the chances of the Federal Reserve raising interest rates will diminish.
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