Treasury: $624 Billion Deficit in First Two Months of Fiscal Year 2025

The United States borrowed $624 billion in the first two months of fiscal year 2025, including $367 billion in November, according to the latest Monthly Treasury Statement from the Treasury Department.

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

Not only does today’s report from the Treasury confirm that we’ve borrowed $624 billion so far this fiscal year – $10 billion per day – but on a rolling basis, we’ve borrowed $2.1 trillion in the last twelve months. That’s an astonishing sum especially when considering the huge challenges ahead.

These deficit numbers are especially remarkable given that we’re borrowing at this high level without even having a budget in place. By December 20th, lawmakers will need to address the issue of government funding that’s nearly three months overdue by finishing appropriations or passing a second continuing resolution. Given the long list of items they may wish to accompany the funding bill, they should at bare minimum keep the lights on without approving new debt in the process.

There will be so many fiscal deadlines and challenges in 2025 that we need to begin developing the muscle memory now for avoiding new borrowing in all its forms, offsetting the cost of new spending and tax cuts and extensions, and meeting these moments with the seriousness they deserve.

If we intend to get serious about fiscal responsibility, we might as well start now.

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