US deficit sets record with $1.1 trillion in first five months of fiscal year 2025

(Worthy Insights) – The United States’ deficit increased by a record-breaking $1.1 trillion during the first five months of the current fiscal year, new data from the Treasury Department showed.

The new numbers, released Wednesday, showed the deficit between October 2024 and February 2025. The unadjusted increase saw a surge of $1.147 trillion, while the deficit for the same period in fiscal year 2024 was $828 billion. The deficit for February alone was $307 billion.

The deficit is largely driven by spending on interest, military programs, public benefits and security, according to the financial news outlet Barron’s. The largest spending costs came from interest paid on the public debt and higher tax credits. [ Source (Read More…) ]


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