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The US budget deficit has reached a record $1.147 trillion in the first five months of fiscal 2025, exceeding the previous high of $1.047 trillion set during the COVID-19 pandemic. February 2025—President Trump’s first full month after his January inauguration—saw a $307 billion deficit, up 4% from last year.
Despite record February tax receipts of $296 billion (a 9% increase), government spending reached $603 billion (up 6%) due to rising costs for debt interest, Social Security, and healthcare. Trump’s new tariffs and promised spending cuts have shown little impact so far. According to the Committee for a Responsible Federal Budget, the government is borrowing about $8 billion daily, with yearly spending up 13% while revenue grew only 2%. The committee’s president Maya MacGuineas warned that no real progress has been made in addressing the nation’s “skyrocketing debt.”
