US Budget Deficit Hits Record $1.147 Trillion in First 5 Months of Fiscal Year

Rising costs for debt interest, Social Security, and health care drive spending increases, pushing the deficit to new highs.

Blank Social Security checks are run through a printer at the US Treasury printing facility in Philadelphia, Pa., in this file photo. William Thomas Cain/Getty Images

The U.S. budget deficit for the first five months of fiscal 2025 reached a record $1.147 trillion, according to data released by the Treasury Department on Mar. 12.

The deficit includes a $307 billion shortfall for February, which marked a 4 percent increase from the same month in 2024.