The U.S. budget deficit reached $307 billion during President Donald Trump’s first full month in office, marking a 4% increase—an additional $11 billion—over the same period last year, according to the Treasury Department.
Record receipts bolstered the figures in February, with federal income totaling $296 billion—a 9% rise or an extra $25 billion compared with the previous year. However, government spending surged even more, with outlays reaching a record $603 billion in February, up 6% or $36 billion year over year.
After calendar adjustments for both receipts and expenditures, the adjusted deficit would have stood at $311 billion, representing a 3% increase over February 2024.
For the first five months of fiscal 2025, the overall deficit ballooned to $1.147 trillion, up 38%—or $318 billion—from a year earlier. Fiscal year-to-date receipts increased by 2%, or $37 billion, to a record $1.893 trillion, while outlays climbed 13%, or $355 billion, to a record $3.039 trillion.
Driving the spending growth were higher costs associated with Treasury’s interest on the public debt, increased outlays for Child Tax Credit payments, and elevated Social Security payments—partly due to a 2.5% cost-of-living adjustment for 2025.
The steep rise in both spending and the overall deficit highlights the fiscal challenges facing the administration as it navigates a period marked by record revenues alongside rapidly escalating expenditures.
Ukraine’s acceptance of a U.S. ceasefire proposal has salvaged its strained ties with Washington, securing the resumption of military aid and intelligence sharing. However, fundamental issues in the conflict with Russia remain unresolved.
In Tuesday’s closely watched parliamentary election, Greenland’s pro-business opposition Demokraatit party took a commanding lead after over 90% of the ballots were counted.
The European Union will impose counter tariffs on 26 billion euros ($28.33 billion) worth of U.S. goods from next month in response to U.S. tariffs on steel and aluminium, the European Commission said in a statement on Wednesday.
The Republican-controlled U.S. House of Representatives on Tuesday approved a stopgap spending bill designed to keep federal agencies funded through September 30, averting a potential partial government shutdown that was set to begin this weekend.
Mexico’s economy appears on track to contract in the first quarter, potentially plunging the country into a technical recession, as U.S. President Donald Trump’s fluctuating tariff policies disrupt growth that was already showing signs of weakness.
Russian President Vladimir Putin made a surprise visit to troops in the western Kursk region on Wednesday, donning military fatigues and ordering forces to press forward with their advance to fully reclaim the area from Ukrainian control.
U.S. President Donald Trump welcomed Irish Prime Minister Micheál Martin to the White House on Wednesday for the annual St. Patrick's Day celebration, using the occasion to accuse Ireland of benefiting unfairly from U.S. trade policies.
NASA is set to launch a SpaceX rocket from Florida on Wednesday, sending a replacement crew to the International Space Station (ISS) while preparing to bring home two U.S. astronauts stranded in space for nine months after Boeing’s Starliner faced technical issues.
Ireland has committed €15 million ($16.3 million) to Brazil's Amazon Fund over the next three years, aiming to support efforts to combat deforestation in the world's largest tropical rainforest.
The world’s leading banking climate coalition is reassessing its membership rules following the departure of major banks and slower-than-expected progress on climate goals, its chair told Reuters.
President Donald Trump is preparing a new travel ban that could block entry for people from Afghanistan and Pakistan as early as next week. The move is part of an intensified immigration crackdown.
Italy’s League party urges the government to favour Starlink over French-led Eutelsat for satellite communication systems, citing Starlink's technological edge. The push comes amid delays in the EU’s IRIS² program, as Italy seeks secure communication solutions for officials.
XPeng Motors plans to mass-produce flying cars by 2026, becoming the first company globally to do so. CEO He Xiaopeng also highlighted advancements in autonomous driving and humanoid robotics as part of the company’s future tech initiatives.
World leaders welcomed the 30-day ceasefire proposal that Ukraine has agreed to, calling it a step toward ending the conflict with Russia.
The European Commission’s plan to impose additional duties on up to 26 billion euros ($28 billion) of U.S. imports could significantly disrupt Europe’s livestock sector, which heavily relies on imported grains for animal feed, according to industry association FEFAC.
Russian President Vladimir Putin made a surprise visit to troops in the western Kursk region on Wednesday, donning military fatigues and ordering forces to press forward with their advance to fully reclaim the area from Ukrainian control.
U.S. President Donald Trump welcomed Irish Prime Minister Micheál Martin to the White House on Wednesday for the annual St. Patrick's Day celebration, using the occasion to accuse Ireland of benefiting unfairly from U.S. trade policies.
Ukraine’s acceptance of a U.S. ceasefire proposal has salvaged its strained ties with Washington, securing the resumption of military aid and intelligence sharing. However, fundamental issues in the conflict with Russia remain unresolved.
Russian President Vladimir Putin made a surprise visit to troops in the western Kursk region on Wednesday, donning military fatigues and ordering forces to press forward with their advance to fully reclaim the area from Ukrainian control.
U.S. President Donald Trump welcomed Irish Prime Minister Micheál Martin to the White House on Wednesday for the annual St. Patrick's Day celebration, using the occasion to accuse Ireland of benefiting unfairly from U.S. trade policies.
NASA is set to launch a SpaceX rocket from Florida on Wednesday, sending a replacement crew to the International Space Station (ISS) while preparing to bring home two U.S. astronauts stranded in space for nine months after Boeing’s Starliner faced technical issues.
Ireland has committed €15 million ($16.3 million) to Brazil's Amazon Fund over the next three years, aiming to support efforts to combat deforestation in the world's largest tropical rainforest.
The world’s leading banking climate coalition is reassessing its membership rules following the departure of major banks and slower-than-expected progress on climate goals, its chair told Reuters.
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