The deficit for the first five months of fiscal 2025 came to $1.147 trillion, up 38%, or $318 billion, from a year earlier.

The U.S. budget deficit for the first five months of fiscal 2025 hit a record $1.147 trillion, the Treasury Department said on Wednesday, including a $307 billion February deficit for President Donald Trump's first full month in office that was up 4% from a year earlier.

The U.S. debt and deficit problem worsened during President Donald Trump's first month in office, as the budget shortfall for February passed the $1 trillion mark even though the fiscal year is not yet at the halfway point.

White House Press Secretary Karoline Leavitt reaffirmed President Donald Trump’s commitment to protecting Social Security, Medicare and Medicaid during Tuesday's press briefing.

Key Points President Trump has promised not to cut funding to Social Security. But one of his key Social Security plans could push the program closer to insolvency. Trump risks cutting Social Security even if it’s unintentional.