US Budget Deficit Inches Closer to $1 Trillion in 1st 5 Months of Fiscal Year

The national debt presently stands close to $34.5 trillion.

The National Debt Clock in Washington on Nov. 13, 2023. Madalina Vasiliu/The Epoch Times

The U.S. government ran a budget deficit of $296 billion in February, slightly lower than the consensus estimate of $298 billion. New Treasury Department data confirmed that Washington’s fiscal year-to-date shortfall is inching closer to $1 trillion.

In the first five months of the fiscal year, the budget deficit was $828.135 billion, up by roughly 15 percent compared with the same span a year ago, according to the Monthly Treasury Statement (MTS).