Updated: 12-Mar-25 14:50 ET
| February Treasury Budget |
 |
|
| Updated: 12-Mar-25 14:50 ET |
Highlights
- The Treasury Budget for February showed a deficit of $307.0 billion compared to a deficit of $296.3 billion in the same period a year ago.
- The February deficit resulted from outlays ($603.4 billion) exceeding receipts ($296.4 billion).
- The Treasury Budget data are not seasonally adjusted so the February deficit cannot be compared to the January deficit of $128.6 billion.
Key Factors
- Individual Income Taxes were the largest source of receipts in February ($135 billion) followed by Social Insurance & Retirement Receipts ($134 billion).
- The largest outlays by function were Social Security ($129 billion), Income Security ($105 billion), Health ($77 billion), Medicare ($75 billion), and Net Interest ($74 billion).
- The fiscal year-to-date deficit is $1.147 trillion versus $828.1 billion for the same period a year ago.
- The budget deficit over the last 12 months is $2.151 trillion versus $2.140 trillion in January.
Big Picture
- The key takeaway from the report is that the deficit in early fiscal 2025 is 38.5% greater than the deficit for the same period in fiscal 2024 with net interest outlays ($396 billion) nearly equal to outlays for national defense ($399 billion) and health ($399 billion).
| Category | FEB | JAN | DEC | NOV | OCT |
| Deficit (-)/Surplus | -$307.0B | -$128.6B | -$86.7B | -$366.8B | -$257.4B |
| Deficit (-)/Surplus Fiscal YTD | -$1146.6B | -$839.6B | -$710.9B | -$624.2B | -$257.4B |
| Deficit (-)/Surplus over last 12 months | -$2150.9B | -$2140.1B | -$2033.4B | -$2076.0B | -$2023.3B |