Federal deficit reaches $ 2 trillion, an increase of approximately $ 100 billion from last year

Federal government Budget He reached $ 2 trillion for the current fiscal year, with the deficit of about $ 100 billion from last year.

The Non -Party Congress Budget Office (CBO) released the monthly budget update for the month of August, which showed that the deficit reached 1.989 trillion dollars in the first 11 months of the fiscal year 2025. This is $ 92 billion in the deficit compared to the first 11 months of the fiscal year 2024.

In general, federal spending increased by 391 billion dollars from last year, an increase of 5 %, while tax receipts increased 299 billion dollars, or 7 %, in the first 11 months of the fiscal year 2025.

The increase in federal tax receipts was largely due to Trump administration tariff,, Which has increased import taxes for many goods since February.

The debts of the United States, which rises to 120 % of GDP, as federal deficit rules over the next decade, under new expectations

The Central Bank of Oman said that the customs duties that were collected increased 95 billion dollars, or 137 %, so far in this fiscal year compared to the same period in the fiscal year 2024, and the total of $ 165 billion in the first 11 months of the fiscal year 2025.

individual income tax The receipts have increased by $ 181 billion, or 8 %, and a total of $ 2.35 trillion in the fiscal year is 2025 so far. The salary statements increase 48 billion dollars, or 3 %, and the total of 1.615 trillion dollars in the first 11 months of the fiscal year.

Corporate income taxes decreased by $ 32 billion, or 8 %, compared to the same period last year. The Central Bank of Oman noted that the natural disasters announced in the fiscal year 2023 caused about 35 billion dollars in corporate tax payments to transform into the fiscal year 2024, which led to a clear decline from last year.

National debt follow: American tax motivated (you) is now on a hook for 37,450,743,855,028.23 dollars

the The federal government spent 6.7 trillion dollars in the first 11 months of the fiscal year 2025, and a lot of the increase of $ 395 billion for last year was paid for mandatory spending programs such as social security and medical care, as well as the increasing cost of debt service.

Payments The benefits of social security 111 billion dollars, or 8 %, rose from the same period last year due to the high benefits of benefits from adjusting the annual cost of living (Cola) in addition to an increasing number of beneficiaries amid the age of the American population.

Medical care spending It also increased by 8 % and was 64 billion dollars from the same period last year due to the high rates of payment and the high number of registered beneficiaries.

US debt tops $ 37 trillion, and allows “big and beautiful bill” to rise trillion

Interest expenditures on National debt If the other main engine of the increase in spending and the budget deficit is wider, as the net interest payments increased by $ 72 billion, or 8 %, because the national debt is greater than it was last year.

In August alone, the federal government was unable to budget with a value of $ 360 billion, a decrease of $ 20 billion from last year. The monthly budget deficit was reviewed in July, at $ 2 billion to a total of $ 291 billion.

The Central Bank of Oman indicated that the federal government will record a spending reduction of about 130 billion dollars in September stems from the changes made to the Federal Student Loan Programs in Trump administration One beautiful bill law.

Get Fox Business on the Go by clicking here

Taking into account this budget to move with the rest of its analysis, the Central Bank of Oman is currently estimated that the final budget deficit of the fiscal year 2025 will reach $ 1.9 trillion.

It would occupy the rank as The third largest budget deficit In the history of the United States, the deficit in the fiscal year 2020 is only and the deficit in the 2021 fiscal year that it incurred during the Covid-19 pandemic.