A new Congressional Budget Report shows that the federal budget deficit totaled $1.1 trillion for the current fiscal year, or $196 billion more than the deficit recorded during the same period last fiscal year, and climbed by $166 billion from January through April, the first months of President Donald Trump’s second term in office.

The report, released Thursday, shows revenues increased by $146 billion, or 5%, and spending rose by $342 billion, or 9%, and comes as Trump and the U.S. DOGE Service pushed for cuts and reductions in spending and the government workforce, reports The Washington Post.

Most of the higher spending came from Social Security, Medicare, and Medicaid, according to the CBO reported.

Read more at Newsmax© 2025 Newsmax. All rights reserved.