Increased spending pushes 2024 US budget deficit estimate to $1.9 trillion

The U.S. budget deficit will jump to $1.915 trillion for fiscal 2024, topping last year's $1.695 trillion gap as the largest outside the COVID-19 era, the Congressional Budget Office said on Tuesday, citing increased spending for a 27% increase over its previous forecast.

The CBO said in an update to its budget outlook, that higher outlays for student loan relief, Medicaid healthcare for the poor, higher Federal Deposit Insurance Corp costs to resolve bank failures and U.S. aid to Ukraine and Israel make up the bulk of a $408 billion increase in this year's projected deficit since February, when it forecast a $1.507 trillion deficit. If realized, the forecast for the fiscal year ended Sept. 30 would mean a second consecutive substantial deficit increase for U.S.
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