The Congressional Budget Office (CBO) reports that the fiscal year 2025 federal budget deficit has topped the $1 trillion mark. The CBO estimates in its Monthly Budget Review for February that the deficit is $1.1 trillion. That amount is $319 billion more than the deficit recorded during the same period last fiscal year. Revenues were $37 billion (2%) higher and outlays were $356 billion (13%) higher. The CBO said that the change in the deficit was influenced by the timing of outlays and revenues, which decreased the deficit during the first five months of fiscal year 2024 but increased it during the same period this fiscal year. For more details from the CBO report: https://bit.ly/4inFjdf
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