The U.S. budget deficit totaled $307 billion for President Donald Trump's first full month in office, up 4%, or $11 billion, from a year ago, the Treasury Department said on Wednesday, even as growth in receipts outpaced that of spending.

The deficit for the first five months of fiscal 2025 came to $1.147 trillion, up 38%, or $318 billion, from a year earlier.

New data from the Treasury Department shows the federal deficit is $318 billion larger in the first five months of fiscal year 2025 compared with the last fiscal year.

While the government did cut its outlays in February, the budget deficit for the month more than doubled compared to January due to a drop in income.

The U.S. budget deficit for the first five months of fiscal 2025 hit a record $1.147 trillion, the Treasury Department said on Wednesday, including a $307 billion February deficit for President Donald Trump's first full month in office that was up 4% from a year earlier.

WASHINGTON >> The U.S. budget deficit for the first five months of fiscal 2025 hit a record $1.147 trillion, the Treasury Department said today, including a $307 billion February deficit for President Donald Trump’s first full month in office that was up 4% from a year earlier.

Data disclosed by the Treasury Department showed an adjusted gap between federal spending and revenue of $1.063 trillion for October through February.