The U.S. budget deficit totaled $307 billion for President Donald Trump's first full month in office, up 4%, or $11 billion, from a year ago, the Treasury Department said on Wednesday, even as growth in receipts outpaced that of spending.

The deficit for the first five months of fiscal 2025 came to $1.147 trillion, up 38%, or $318 billion, from a year earlier.

Here’s an assignment for the conservative politicians and activists who keep telling us that President Trump and his sidekick Elon Musk’s massive federal budget cuts are quote “making American great again”: take a few minutes to check out the history of the federal budget deficit.

Trump wants to reduce the $1.2 trillion trade deficit, so he’s putting tariffs on popular imported goods from smartphones to household appliances.

Trump has praised tariffs as a fix for economic issues, but their erratic rollout and shifting reasons have worried investors. See a timeline of the president’s trade rhetoric.

Even Trump's base supporters are turning slightly more pessimistic. Sentiment fell 3.2% among Republicans. They backed Trump in last year's election on the promise that he would b