While the government did cut its outlays in February, the budget deficit for the month more than doubled compared to January due to a drop in income.

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.