The U.S. budget deficit rose to a record $1.973 trillion through August in fiscal year 2025, the Treasury Department said, as tariff revenues surged to historic highs under President Donald Trump’s trade policy.
According to the Treasury’s monthly statement released on Sept. 11, the shortfall through the first 11 months of the fiscal year eclipsed the $1.897 trillion gap recorded during the same period in fiscal 2024. With one month left before the fiscal year closes on Sept. 30, the deficit is up $76 billion, or 4 percent, from a year ago, making it the largest year-to-date figure Treasury has ever reported for this point in the calendar.
