Surging Debt Costs Push U.S. Deficit to $1.27 Trillion in Fiscal Year

The U.S. federal government’s deficit has ballooned to $1.27 trillion in the fiscal year ending in June, driven largely by surging interest payments on the nation’s mounting debt, the Treasury Department recently revealed. Despite record-high receipts of $466 billion in June, the government still ran a deficit of $66 billion for the month, as Bloomberg