U.S. Debt and Deficit Under President Donald Trump

SOURCE www.cnbc.com
The U.S. debt and deficit problem worsened during President Donald Trump's first month in office, with the budget shortfall for February passing the $1 trillion mark, despite government spending slightly easing on a monthly basis. The deficit has reached $1.15 trillion through the first five months of fiscal 2025, setting a record for the period.

Key Points

  • Budget shortfall for February passed $1 trillion mark.
  • Deficit totaled $1.15 trillion through the first five months of fiscal 2025.
  • Net interest payments year to date rose to $396 billion, behind national defense and health costs.

Pros

  • Efforts to address the deficit issue by creating the Department of Government Efficiency led by Elon Musk.
  • Record receipts and expenditures for the month show transparency in financial reporting.

Cons

  • Deficit has significantly increased under President Trump's administration.
  • Plans to extend the Tax Cuts and Jobs Act may add $3.3 trillion to the deficit over the next decade.