The federal government posted a $1.8 trillion budget deficit during the fiscal year that ended on September 30, despite an increase in tax revenue, thanks

The federal budget deficit swelled to $1.8 trillion in the fiscal year that ended in September, an enormous sum that significantly increases the national debt as Washington barrels toward a potential 2025 showdown over spending and taxes.

Yet again, the federal government spent far more than it collected in revenue, racking up a budget deficit of $1.8 trillion for fiscal year 2024, according to the Congressional Budget Office.