U.S. Treasury Department's mid-year fiscal report

U.S. Budget Deficit Soars 39% to Record $711 Billion in Fiscal First Quarter

Jan 14, 2025, 07:41 PM

The U.S. federal budget deficit increased in December 2024, reaching $87.0 billion, surpassing expectations of $75.0 billion, according to the Treasury Department. Although the December deficit decreased from November's $367.0 billion, the cumulative deficit for the first quarter of fiscal year 2025 swelled to a record $711 billion, up by $200 billion from the $510 billion recorded during the same period last year, marking an increase of approximately 39%. Revenues decreased by 2% while spending rose by 11%. The Treasury Department also confirmed that the total deficit for calendar year 2024 exceeded $2.0 trillion. The growing deficit underscores the fiscal challenges facing the incoming administration of President-elect Donald Trump.