The US debt and deficit problems worsened during President Donald Trump's first month in office, with February's report surpassing the $1 trillion mark even though it's not even halfway through 2025.
The Treasury Department reported that government spending has been falling slightly each month, although it still far outpaced profits.
The deficit totaled more than $307 billion for the month, nearly 2.5 times more than in January and 3.7% higher than in February 2024.
For the year, the deficit totaled $1.15 trillion through the first five months of fiscal 2025.
This amount is up about $318 billion from the same period in 2024, representing a 38% increase, setting a record high for the period.
The net cost of servicing the national debt of $36.2 trillion fell to $74 billion for the month. However, net interest payments since the beginning of the year rose to $396 billion, making it the third-highest expense after defense and healthcare.
Social Security and Medicare are the largest costs in the US budget.
Recently, Donald Trump has made the government's fiscal position a priority since taking office. He created the so-called Department of Government Efficiency (DOGE), headed by Elon Musk.
At the same time, Trump wants to extend the Tax Cuts and Jobs Act, which he spearheaded during his first administration.
While Trump has touted the growth that tax cuts will bring, some expert groups say that renewing the act would also add $3.3 trillion to the deficit over the next decade.
