The U.S. federal budget deficit surged during the first quarter of fiscal 2025, climbing nearly 40% higher than last year. The Treasury Department reported a shortfall of over $80 billion for December, a 33% decline from December 2024. Increased financing costs, growing spending, and declining tax receipts have contributed to the widening deficit, pushing the national debt past $36 trillion. Interest on the national debt has exceeded $300 billion so far, up 7% from last year, and is projected to exceed $1.2 trillion by year-end.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02U.S. federal budget deficits surged during the first quarter of fiscal 2025,
00:06climbing nearly 40% higher than the same period last year.
00:10The Treasury Department reported a shortfall of over $80 billion for December,
00:14a 33% decline for December 2024.
00:17Increased financing costs, growing spending, and declining tax receipts
00:21have contributed to the widening deficit, pushing the national debt past $36 trillion.
00:26Interest on the national debt has exceeded $300 billion so far,
00:30up 7% from last year, and is projected to exceed $1.2 trillion by year-end.