The US government budget deficit rose 12% during the first quarter of the current fiscal year.
The Treasury statement on Thursday showed that the budget deficit in the October-December 2022 period rose to $421 billion, largely driven by higher inflation-related expenditures year-on-year.
Interest payments on public debt rose by $57 billion, or 37% year-on-year, to $210 billion.
The Treasury Department was forced to pay higher interest rates to investors to subscribe to new debt issues after the Federal Reserve raised its benchmark interest rate to combat inflation.
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