Budget deficit rose in December and is now 40% higher than it was a year ago

The federal budget deficit increased during December, with a $86.7 billion shortfall marking a 33% decline from the previous year. However, the first fiscal quarter deficit rose nearly 40% to $710.9 billion due to rising financing costs, spending growth, and declining tax receipts. Interest on the national debt has reached $308.4 billion in fiscal 2025, with projected financing costs exceeding $1.2 trillion for the year, surpassing previous records.

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