In just the first 3 months of fiscal year 2025, the US budget deficit is more than 700 billion USD

On January 14, the US Treasury Department announced a budget deficit of $711 billion in the first three months of fiscal year 2025, an increase of nearly 40% compared to the same period in 2024.

In the first three months of fiscal year 2025, US budget expenditures increased by 11%, budget revenues decreased by 2% compared to the same period in 2024. (Source: Reuters)

On January 14, the US Treasury Department said that in December 2024, the national budget deficit was 86.7 billion USD, down 33% from 129 billion USD compared to the same period last year.

Of which, budget revenue in the month increased by 6%, to 454 billion USD, budget expenditure decreased by 3%, to 541 billion USD.

However, in the first three months of fiscal year 2025 (October-December 2024), the budget deficit of the world's largest economy is 711 billion USD, an increase of 39.4% compared to the deficit of 201 billion USD in the same period of fiscal year 2024.

The reason is a steady increase in financial costs and spending, coupled with falling tax revenues. The soaring budget deficit has pushed the national debt past the $36 trillion mark.

Short-term Treasury yields remained stable throughout December 2024, but rates rose sharply toward the end of the term. The benchmark 10-year bond recently rose 4.8%, up 0.4 percentage points from the previous month.

Budget expenditure in the first quarter of fiscal year 2025 increased by 11% compared to the same period last year. In contrast, budget revenue decreased by 2% compared to the budget revenue in the same period in 2023.

In fiscal year 2025, the national debt interest rate has reached 308.4 billion USD, up 7% compared to fiscal year 2024. For the whole year, financial costs are forecast to reach 1.2 trillion USD, surpassing the record level of 2024.

In fiscal year 2025, the US government will spend more on interest payments and items ranging from Social Security to defense to health care.

Source: https://baoquocte.vn/chi-3-thang-dau-nam-tai-chinh-2025-my-tham-hut-ngan-sach-hon-700-ty-usd-300980.html