Treasury Confirms Borrowing $41 Billion Above First 3 Months of 2024

The United States borrowed $596 billion from January through March 2025 – up $41 billion from January through March 2024, according to the latest Monthly Treasury Statement from the Treasury Department. Federal spending, as measured by outlays, is $139 billion above the same period last year.  

The Treasury estimates the U.S. borrowed $1.3 trillion in the first six months of Fiscal Year 2025.

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

Six months into the fiscal year, our deficit is still on track to total nearly $2 trillion, with $1.3 trillion already borrowed. Spending is $139 billion more in the first three months of 2025 than in the first three months of 2024, with borrowing over that period $41 billion higher.  

The numbers are undeniable. We are racking up debt at an alarming pace, and it’s unlikely to end any time soon. In fact, lawmakers seem hellbent on adding to that sum with trillions of unpaid-for tax cuts and spending increases.

We need to correct the unsustainable course we are on and start focusing on fixing our nation’s finances before it is too late.  

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