XPost: alt.fan.rush-limbaugh, sac.politics, alt.politics.democrats.d
XPost: or.politics
WASHINGTON (AP) — The U.S. 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
released Thursday.
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.
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
plan to reduce waste and spending in the federal government through
Elon Musk’s Department of Government Efficiency, also known as DOGE.
https://apnews.com/article/trump-biden-budget-deficit-spending-tax-revenues-f2718421a0f0c1a9f856d06ac4563e41
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