by Ryan McMaken
Mises.org
According to the latest monthly statement from the Treasury Department, the US government spent $668 billion in November, the second month of the 2025 fiscal year. That’s in addition to October’s spending total of $584 billion, for a total of $1.25 trillion in spending so far this year. All that spending is a drain on the real economy. But it gets worse: the federal government has only collected $628 billion in revenue for the same period, meaning the two-month total deficit is now as $624 billion.
That’s the largest total ever for the first two months of the fiscal year, higher even than the $429 billion spent during the first two months of the 2021 fiscal year—October and November 2020. It should not surprise us, then, that the federal government is now on track to have the largest peacetime deficit of all time during the 2025 fiscal year. With the two-month total at over $620 billion, the year-end total is likely to be over $3.5 trillion by the end of the year. That would make the next annual deficit even larger than 2020’s budget busting deficit of 2020 when the covid panic fueled months of runaway spending.