The U.S. budget deficit has reached $1.1 trillion this fiscal year, and tax revenue in February was less than half of spending

latest data from the US Treasury Department shows that Elon Musk's efforts to increase efficiency were unable to prevent the US federal government's spending from reaching a record $603 billion last month, compared to its tax revenue of only $296 billion. This highlights the difficulties the Trump administration faces in significantly reducing the size of the government.

This resulted in a budget deficit of $307 billion for the month, meaning that all tax revenues for February were less than the deficit. In other words, February spending in the US was more than twice the income. This also means that the deficit for February this year is close to the historical record, with only the impact after the pandemic in 2021 being greater, pushing the total accumulated deficit for 2025 to $1.147 trillion, accounting for 38% of the total expenditure for the US fiscal year 2025.