US October-February budget deficit hits record $1.147 trillion

President Donald Trump walks up the stairs of Air Force One at Joint Base Andrews, Md., March 7, 2025.

The U.S. budget deficit for the first five months of fiscal 2025 hit a record $1.147 trillion, the Treasury Department said on Wednesday, including a $307 billion February deficit for President Donald Trump's first full month in office that was up 4% from a year earlier.