U.S. posts document $711 billion deficit for first three months of fiscal 2025

WASHINGTON (Reuters) – The U.S. authorities posted an $87 billion price range deficit in December, lowered partly by a shift of profit funds into November however capping a document $711 billion deficit for the primary three months of the 2025 fiscal yr, the U.S. Treasury Division mentioned on Tuesday.

The Treasury, releasing its closing price range report earlier than President-elect Donald Trump takes workplace subsequent week, mentioned that the $711 billion October-December deficit was $201 billion, or 39% greater, than the $510 billion deficit in the identical interval a yr earlier as outlays grew sharply and revenues declined barely.

For December, the $87 billion deficit was lowered by $51 billion by the calendar profit shift, and in comparison with a $129 billion deficit in December 2023. Receipts for the month have been up 6% to $454 billion, whereas outlays as reported have been down 3% to $541 billion.