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US Kicks Off Fiscal Year With an 87% Surge in Interest Costs
The interest the US pays on its debt soared in October from a year before, showcasing the rising cost to the government of higher yields on Treasuries. Interest on the public debt was $88.9 billion in the first month of the fiscal year, up 87% from the figure in October 2022, Treasury Department data released Monday showed. Despite the surge, the budget deficit for the month of October was notably smaller than a year ago — down 24% to $66.6 billion from $87.9 billion. Adjusting for calendar differences, the deficit shrank by 4%. That shrinking was largely driven by unusually high tax receipts. Much of that increase ... (full story)