U.S. Reports $345 billion deficit in August, rising interest makes third-largest outlay, gold and Bitcoin surge

The U.S. Government reported a $345 billion deficit, with expenditures of $689 billion eclipsing revenues of $344 billion. Major expenses were Medicare at $141 billion and Social Security at $134 billion, with net interest costs at $93 billion being the third largest outlay.

As inflation accelerates, gold nearly reaches $3,670 per ounce, achieving nearly 40% gains this year. Bitcoin has also climbed above $115,000 as investors seek safe assets amid growing concerns over debt sustainability.