US Budget Deficit Soars Amid Contentious Fiscal Policies

The US budget deficit has reached over $1.3 trillion in the first half of the fiscal year 2025. The deficit, spanning the Biden and Trump administrations, has been attributed to increased spending in various areas. Efforts to cut costs are underway, but tensions remain regarding tax and spending cuts.

New Treasury Department data reveals the US budget deficit surged to more than $1.3 trillion in the first six months of fiscal year 2025. This six-month deficit is the second highest on record, showing substantial growth compared to the previous years.

The deficit expansion, under the administrations of Presidents Joe Biden and Donald Trump, is partly due to spending on Social Security, Medicare, Medicaid, disaster assistance, and defense. These costs fueled a $139 billion spending increase, with borrowing also growing by $41 billion compared to the same period last year.

Tensions are erupting as Republicans in the House approve a framework proposing $4.5 trillion in tax cuts while seeking $1.5 trillion in federal program reductions. Meanwhile, concerns grow over the nation's swelling debt, stressing the urgency to address fiscal responsibility before it's too late.

(With inputs from agencies.)