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U.S. federal budget deficit exceeds $2.5 trillion in FY 2025?
5
Resolution / Starting Odds
Yes • 50%
No • 50%
U.S. Treasury Department's official fiscal year-end report
Story
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.
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