US budget deficit reaches 711 billion USD - Expenditures increased, while tax revenues decreased
The US budget deficit hit a new record in the October-December period, according to Treasury Department data, as spending rose while tax revenue fell.
The expansion pushed the deficit to $711 billion in the first three months of the government's fiscal year. That was a 39 percent increase from $510 billion in the same period a year earlier, the department added.
In particular, spending rose by 11 percent, to 1.8 trillion for the three-month period, also reaching a new record, while revenue dragged down, the Treasury said.
Among categories, spending on Medicare and Medicaid programs increased, as did defense programs, with higher operations and maintenance costs.
Treasury spending also rose by $33 billion, driven by higher interest on public debt. The cost of servicing the country's debt has risen recently, as a result of higher interest rates.
Among other areas, Homeland Security spending saw an increase, most of it after the hurricanes in late 2024.
The latest budget figures come as President-elect Donald Trump, who takes office on Monday, has pledged to cut federal costs.
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