U.S. Department of the Treasury: In the first five months of this fiscal year, the budget deficit reached $1.15 trillion, setting a historical high for the same period
The deficit in the United States grew to $307 billion in just February. After adjusting for calendar differences, the deficit for this fiscal year has increased by 17% compared to the same period last year. The rise in Medicare costs and increased government debt interest expenses have exacerbated this expansion. When asked whether the federal spending cuts led by Musk's DOGE had any impact on the budget figures, an official mentioned that there were not many spending categories showing a significant decline
According to data released by the U.S. Treasury Department on Wednesday, the U.S. fiscal deficit continued to widen in February, bringing the deficit for the first five months of this fiscal year (which began on October 1 of last year) to $1.15 trillion, exacerbated by rising Medicare costs and increased government debt interest expenditures.
According to CCTV News, on the 12th local time, the U.S. Treasury stated that in the first month of Trump's presidency, the total U.S. budget deficit was $307 billion, an increase of $11 billion, or 4%, compared to the same period last year.
After adjusting for calendar differences, the deficit for this fiscal year has increased by 17% compared to the same period last year. So far, the revenue for this fiscal year is $1.89 trillion, adjusted to show a 2% increase over 2024; total expenditures reached $3.04 trillion, showing a 7% increase after calendar adjustments.
Among the various expenditures, the most significant increase was in Medicare programs, whose costs over the past five months rose by $124 billion compared to the previous fiscal year, reaching $518 billion; public debt interest expenditures increased by $45 billion, reaching $478 billion; while Social Security expenditures rose by $49 billion, reaching $663 billion.
Analysts say that the continued widening of the U.S. fiscal deficit may complicate President Trump's efforts to extend and expand his 2017 tax cut plan, most of which is set to expire at the end of this year:
Fiscal hawks among Republicans in Congress may push for further offset measures to ensure that the fiscal situation does not deteriorate further; while supporters of the tax cut plan emphasize that failing to extend these measures would pose risks to U.S. economic growth.
When asked whether the federal spending cuts led by Musk's DOGE had any impact on the budget figures, an official suggested checking DOGE. The official also stated that there were not many expenditure categories in Wednesday's report showing a significant decline