US posts $711 billion deficit for first three months of fiscal 2025

WASHINGTON, D.C.: The U.S. Treasury Department reported this week that the federal budget deficit reached $711 billion for the first quarter of fiscal 2025, marking a 39 percent increase from the same period last year.

The October-December shortfall, the largest ever recorded for this period, reflects a sharp rise in government spending coupled with a slight decline in revenue. The deficit was US$201 billion hig