The Treasury Department posted its latest revenue and spending totals this week, and deficits continue to mount at impressive speed.
During October—the first month of the 2025 fiscal year—the federal deficit was more than a quarter of a trillion dollars, coming in at $257.4 billion. Tax revenue in October had totaled $326 billion, but spending totaled $584 billion.
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Now one month into the new fiscal year, the federal government is on pace to add more than $2 trillion dollars to the national debt during the 2025 fiscal year. If the economy significantly worsens in coming months—and tax revenues plummet as they do during times of economic trouble—the deficit will be much larger than $2 trillion.
There is no sign of any relief from mounting deficits. The 2024 fiscal year ended on September 30 with the FY’s total deficit coming in at $1.8 trillion. That’s the largest deficit in three years and is the worst since 2021 when the US will in the midst of the Covid Panic.
With this additional $1.8 trillion added to the national debt, the total debt is now over $35 trillion. Federal spending has trended up since the third quarter of 2023, once again accelerating overall growth in the debt, and all but ensuring total debt will top $36 trillion by the time Donald Trump is sworn in in January 2025. […]
— Read More: mises.org
