Source: Independent Institute
by Craig Eyermann
“President Donald Trump recently celebrated the first anniversary of his second term in office, the first two-term President since Grover Cleveland to not serve consecutive terms. When he was sworn in on January 20, 2025, the U.S. government was almost four full months into its 2025 fiscal year. With that being the case, there wasn’t much he could do to alter the U.S. government’s fiscal situation through September, the end of its 2025 fiscal year. In January 2025, the Congressional Budget Office projected the U.S. government was on track to spend $7.028 trillion during its 2025 fiscal year, while collecting $5.163 trillion in taxes. The federal government was set to rack up an annual budget deficit of $1.865 trillion.” (01/27/26)
https://www.independent.org/article/2026/01/27/fiscal-trends-trump-first-year/