From Reuters via U.S. News & World Report, February 12:
The federal government posted a $129 billion budget deficit for January, up sharply from an unusually low $22 billion deficit in January 2024 due to benefit payment calendar shifts and higher outlays for Social Security, Medicare, interest and other costs, the U.S. Treasury said on Wednesday.
The January budget results, the last reflecting fiscal management of former president Joe Biden's administration, showed that January receipts to grew 8% or $36 billion from a year earlier, to $513 billion.
January outlays rose 29% or $143 billion from a year earlier to $642 billion.
Excluding the calendar shifts, including the payment of $87 billion worth of February benefits at the end of January, the Treasury said the adjusted deficit increase for the month would have been $21 billion instead of the reported $107 billion.
A U.S. Treasury official said there were no plans at this stage to include any details on savings found by Elon Musk's unofficial Department of Government Efficiency drive to slash federal spending in the Monthly Treasury Statement.
Thus far, there is little evidence of tangible savings from the DOGE efforts and a Musk team's access to the Treasury's vast payments system sparked an outcry before a judge issued a temporary restraining order that excludes Treasury Secretary Scott Bessent.
The Treasury reported a record $840 billion U.S. deficit for the first four months of fiscal 2025, which started on October 1. That was up 58% or $308 billion from a year earlier, an increase that a Treasury official said was due partly to the prior year tax receipts being inflated by some $85 billion deferred tax payments from the previous fiscal year.
Year-to-date receipts came in at $1.596 trillion, up 1% or $11 billion from the same period a year earlier, while outlays totaled $2.436 trillion, up 15% or $319 billion from the prior year period....
....MUCH MORE
HT:
We also just got the January US Budget Report.
— Frog Capital (@FrogNews) February 12, 2025
We will be working from joe's budget through September.
Your Government made (took) $513 Billion last month and spent $642 Billion. For a deficit of $129 Billion.
We spent $81 Billion in January just paying interest on our debt. pic.twitter.com/jJ7TWQpdff
Here's the Congressional Budget Office, February 10, 2025:
Monthly Budget Review: January 2025
The federal budget deficit totaled $838 billion in the first four months of fiscal year 2025, CBO estimates. That amount is $306 billion more than the deficit recorded during the same period last fiscal year....
