US posts record July budget deficit of $432B; interest on federal debt surpasses defense and Medicare spending at $1.17T annually.
Macro & Markets ·
The US recorded a July budget deficit of $432 billion, its largest for that month, driven by accelerated federal spending. Interest payments on federal debt reached $118 billion in July, up $26 billion from the prior year, with annual interest expense for the fiscal year projected at $1.17 trillion and now exceeding both defense and Medicare spending individually.