Us Budget Deficit

US budget deficit falls slightly to $1.78 trillion on record tariff revenue

President Donald Trump's dramatic tariff hikes helped spur a net $195 billion in tariff revenue for the fiscal year, which ended September 30

US July budget deficit up 20% Y-o-Y despite record Trump tariff income

The US budget deficit in July climbed 20 per cent this fiscal year compared to the last despite the US taking in record income from President Donald Trump's tariffs, according to Treasury Department data released Tuesday. The US saw a 273 per cent increase - or USD21 billion - in customs revenue in July over the same period last year, the data showed. A Treasury official who spoke on the condition of anonymity to preview the data said overall increased spending is in part due to a mix of expenditures, including growing interest payments on the public debt and cost-of-living increases to Social Security payouts, among other costs. This comes as the federal government's gross national debt creeps up to the USD37 trillion mark. Even as Trump talks about America becoming rich because of his import tax hikes, federal spending keeps outpacing the revenues collected by the government. That financial picture might change as companies exhaust their pre-tariff inventories, forcing them to ...

Donald Trump sues PBS, NPR board members for refusing to leave their posts

US President Donald Trump has filed a lawsuit to remove three board members of PBS and NPR who refused to vacate their positions after being dismissed in April

US budget deficit hits $1.3 trn in six months, second highest on record

The US budget deficit has grown to more than $1.3 trillion in the first half of the 2025 fiscal year the second highest six-month deficit on record, according to Treasury Department data. The deficit for October through March spans the administrations of President Joe Biden and President Donald Trump. The previous high in the four decades of recordkeeping was $1.7 trillion in the first half of fiscal year 2021, when the government was tackling the COVID-19 pandemic, said the data released Thursday. A Treasury official who spoke on the condition of anonymity to preview the data said the increased spending was in part due to a mix of expenditures, including cost of living increases to Social Security payouts, higher Medicare and Medicaid costs, increased disaster assistance to the Federal Emergency Management Agency and Defense Department spending. The widening deficit, which occurs when spending exceeds the amount of money being raised, comes as the Trump administration has touted a

US June budget deficit shrinks to $66 billion after calendar shifts

The Treasury said that the $66 billion June deficit nominally fell 71 per cent from the $228 billion deficit recorded in June 2023

US presidential candidate Ramaswamy proposes Zero-Base Federal Budgeting

Republican presidential candidate Vivek Ramaswamy has proposed a Zero-Base Federal Budgeting to solve the national debt crisis, which has now gone up to USD33 trillion. The US national debt crisis is real and will take a CEO from outside of politics to fix it, he said on Monday. "Here's how we fix the debt crisis: zero-base budgeting. Start from zero for every department and ask what (if any) spending is required instead of just taking last year's budget as the default," Ramaswamy said. That is how any good CEO would handle this mess, and it is something that both Republicans and Democrats can get behind, he added. "Unfortunately, there isn't a single red or blue state in this country that actually does it," Ramaswamy added. "I built a multibillion-dollar biotech company from scratch by developing five medicines now FDA-approved that the bureaucracy in big pharma abandoned," he said. "I built an insurgent asset manager to compete head-on with BlackRock and Vanguard by leading the

Debt limit deal in place but budget deficit still a challenge for US govt

Even with the new spending restraints in the debt limit deal that cut borrowing by USD 1.5 trillion, the US government's deficits are still on course to keep climbing to record levels over the next few decades. The projections are a sign that the two-year truce between President Joe Biden and House Speaker Kevin McCarthy, R-Calif., might be only a pause before a far more wrenching set of showdowns over the federal budget. The Congressional Budget Office said Tuesday that the agreement would reduce spending by USD 1.3 trillion and interest payments by USD 188 billion over 10 years. But that sum is too modest to fully offset the growing costs of Social Security, Medicare and Medicaid. Both Biden and McCarthy ruled out any cuts to Social Security and Medicare, two programs that benefit older voters, before their teams even began their budget talks. That omission reflects the politics around two popular programs as Democrats and Republicans prepare for next year's presidential ...

Biden's budget plan: Higher taxes on rich, lower federal deficits

The higher taxes outlined on Monday would raise $361 billion in revenue over 10 years and apply to the top 0.01% of households

US budget deficit hits $2.77 trillion in 2021, the second highest

The deficits in both years reflect trillions of dollars in government spending to counteract the devastating effects of a global pandemic

US projects $3.12 trn budget deficit for this year, down $555 bn

US is forecasting that this year's budget deficit will be $555 billion lower than it estimated back in May, helped by an economy that is rebounding more quickly than had been expected

More red ink: US budget deficit through July hit $2.54 trillion

The US budget deficit hit $2.54 trillion for the first 10 months of this budget year, fed by spending to support the country after the pandemic-induced recession

US budget deficit jumps to an all-time high of $1.7 trillion this year

The US government's budget deficit surged to an all-time high of USD 1.7 trillion for the first six months of this budget year, nearly double the previous record

US piles up record October budget deficit of $284.1 billion: Treasury dept

The US is starting the 2021 budget year the way the old year ended, with soaring deficits

US budget deficit soars over $3 trn for first time ever due to Covid relief

The budget deficit for August was $200 billion, matching the deficit in August 2019 but lower than the $245 billion forecast by analysts in a Reuters poll

US budget deficit hits record $3 trillion through 11 months amid pandemic

The US budget deficit hit an all-time high of USD 3 trillion for the first 11 months of this budget year, the Treasury Department said Friday.

US: Budget deficit to hit record $3.3 trillion due to Covid-19, recession

The USD 3.3 trillion figure is more than triple the 2019 shortfall and more than double the levels experienced after the market meltdown and Great Recession of 2008-09.

US budget deficit climbs to record $2.81 trillion, expected to rise further

The federal government rang up a $63 billion deficit in July, the department reported

Fitch cuts US credit outlook to 'negative' due to budget loss amid Covid-19

"There is a growing risk that US policymakers will not consolidate public finances sufficiently to stabilize public debt after the pandemic has passed," said the statement

US budget deficit hits all-time high of $864 bn in June amid Covid pandemic

For the first nine months of this budget year, which began on October 1, the deficit totals $2.74 trillion, also a record for that period

Trump's $4.8 trn budget plan to face scepticism, overwhelming politics

House Speaker Nancy Pelosi said that once again the president is showing just how little he values the good health, financial security and well-being of hard-working American families