(The Center Square) – A new report from the Congressional Budget Office estimates that the federal budget deficit reached $2 trillion over the past 11 months, painting a dire picture of the U.S.’s fiscal health.

Since fiscal year 2025 began last October, the government spent $6.7 trillion while collecting $4.7 trillion in revenues. That amounts to a 6% and 7% increase, respectively, compared to the same time period a year ago.

Due to upcoming cost-saving changes to federal student loan programs, however, the federal deficit over the entirety of fiscal year 2025 – which ends Sept. 30 – will ultimately total $1.8 trillion.

Adding $1.8 trillion to the national debt in just one year results from a 6% increase in overall federal spending, or outlays, since fiscal year 2024. Mandatory spendin

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