CBO Estimates Deficit Up $44 billion, Spending Up $140 billion in 2025

The Congressional Budget Office (CBO) estimates that the U.S. borrowed $599 billion from January through March 2025 – up $44 billion from January through March 2024. Federal spending, as measured by outlays, is $140 billion above the same period last year.  

CBO estimates the U.S. borrowed $1.3 trillion in the first half of Fiscal Year (FY) 2025.

The following is a statement from Maya MacGuineas, president of the Committee for a Responsible Federal Budget:

CBO’s latest report shows a harsh reality – we have already borrowed $1.3 trillion in the first half of FY 2025, with $599 billion from January through March alone. That’s $44 billion more than we borrowed over the same period in 2024, and we’ve already spent $140 billion more in the first three months of 2025 as we did in 2024.

All of this comes at a time when Congress is considering potentially adding up to $7 trillion to the debt over the next decade through the reconciliation process. That’s not just irresponsible, it’s downright reckless.  

We are long overdue for a serious conversation on how to fix our nation’s finances. Policymakers need to get their acts together and start working to put our borrowing on a sustainable course for the benefit of current and future generations and the economic and security wellbeing of the country. 

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For more information, please contact Matt Klucher, Assistant Director for Media Relations, at klucher@crfb.org.