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The Treasury, releasing its final budget report before President-elect Donald Trump takes office next week, said that the $711 billion October-December deficit was 39 per cent higher, than the $510 billion deficit in the same period a year earlier.
For December, the $87 billion deficit was reduced by $51 billion by the calendar benefit shift. (File picture)
Washington,UPDATED: Jan 15, 2025 13:36 IST
The US government posted an $87 billion budget deficit in December, reduced partly by a shift of benefit payments into November but capping a record $711 billion deficit for the first three months of the 2025 fiscal year, the US Treasury Department said on Tuesday.
The Treasury, releasing its final budget report before President-elect Donald Trump takes office next week, said that the $711 billion October-December deficit was $201 billion, or 39% higher, than the $510 billion deficit in the same period a year earlier as outlays grew sharply and revenues declined slightly.
For December, the $87 billion deficit was reduced by $51 billion by the calendar benefit shift, and compared to a $129 billion deficit in December 2023. Receipts for the month were up 6% to $454 billion, while outlays as reported were down 3% to $541 billion.
Published By:
Ashutosh Acharya
Published On:
Jan 15, 2025
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