US Budget Deficit for Trump's First Full Month in Office Reaches $307Bn

• The U.S. budget deficit totalled $307 billion for President Donald Trump's first full month in office, up 4%, or $11 billion, from a year ago, the Treasury Department said on Wednesday, even as growth in receipts outpaced that of spending.
• Receipts totalled $296Bn in February, a record for that month. That figure was up 9%, or $25Bn, compared with a year earlier. However, outlays in February totalled $603Bn, which is also a record for that month. That was up 6%, or $36Bn, from the year-earlier period.
• After calendar adjustments for both receipts and outlays, the adjusted deficit would have been $311Bn, a 3% increase over the figure in February 2024, the Treasury Department said
• The deficit for the first five months of fiscal 2025 came to $1.147Tn, up 38%, or $318Bn, from a year earlier. Fiscal year-to-date receipts rose 2%, or $37 billion, to a record $1.893Tn, but outlays grew 13%, or $355Bn, to a record $3.039Tn.
• Driving the spending growth in February was higher spending on Treasury's interest on the public debt, outlays for Child Tax Credit payments and increased Social Security payments due in part to a 2.5% cost-of-living adjustment for 2025.

(Source: Reuters)