Federal budget deficit grows $92B to nearly $2T even as Trump tariffs increase revenue
1. Federal budget deficit hits $2 trillion, up nearly $100 billion from last year. 2. Federal spending rose 5%, driven by mandatory programs like Social Security and Medicare. 3. Tax receipts increased by $299 billion, led by tariffs and higher individual income taxes. 4. Corporate income taxes fell by $32 billion due to shifts from the previous fiscal year. 5. CBO predicts a $1.9 trillion deficit for fiscal year 2025, the third largest in history.