The United States’ debt and budget deficit problem worsened during President Donald Trump’s first month in office.
The mentioned statement is supported by specific figures. In this case, it means that last month in the United States, the budget shortfall exceeded the $1 trillion mark. At the same time, the fiscal year is not yet at the halfway point.
Government spending decreased slightly in February on a monthly basis. The relevant information was published by the United States Treasury Department on Wednesday, March 12. At the same time, the mentioned indicator is still far outpaced revenue. The deficit was just over $307 billion for the month. This indicator is almost 2.5 times higher than the data for January. Also, the February figure is 3.7% higher than the reading recorded for the same period last year.
Treasury spokesman stated that receipts and expenditures set records for the month.
For the year, the deficit was $1.15 trillion through the first five months of fiscal 2025. This amount is about $318 billion, or approximately 38% higher than in the same period in 2024. In this case, there is a record for the period.
Net costs to finance the $36.2 trillion national debt edged lower to $74 billion for the month. At the same time, the total net interest payments year to date increased to $396 billion, second only to healthcare and national defense. Social Security and Medicare are the largest costs in the United States budget.
The deficit has grown over the last three years of former US President Joe Biden’s term. This figure increased from $1.38 trillion to $1.83 trillion over the mentioned period.
As we have reported earlier, US Inflation Declines.
