Through the first four months of FY24 (October-January) the budget deficit reached $532 billion, up 16% or $73 billion compared to a deficit of $459 billion during the same period in FY2023. While seemingly expansionary, the increase was more than 100% driven by a rise in interest payments of 37% or $100 billion, to $357 billion. Despite the rise in the deficit the budget is so far mildly contractionary.