U.S. borrowed $255 billion in first month of fiscal year 2025: CBO

The U.S. government borrowed $255 billion in October, the first month of fiscal year 2025, according to the latest data from the Congressional Budget Office released on Friday.

"There’s a fiscal storm on the horizon, and President-Elect Trump and the Members of the 119th Congress will soon need to confront it. With a deficit of $255 billion in just the first month of the fiscal year and borrowing $8 billion per day, this should be a reminder that our borrowing isn’t letting up on its own," said Maya MacGuineas, president of the Committee for a Responsible Federal Budget.

"Elections bring with them new priorities, shifting policies, and a new fiscal landscape in Washington. But what remains consistent is the massive underlying burden of our national debt. In the next two years, debt will exceed its all-time record share of the economy; in less than ten years, Social Security beneficiaries face automatic benefit cuts if policymakers continue to do nothing to fix it," she added.

MacGuineas expects "incredible temptations on the road ahead, with powerful interests pushing policies designed to fulfill agendas" in Washington, D.C. rather than address the nation's financial health.

"But these are ultimately generational challenges affecting you and I as well as our children and grandchildren," she said. "Tackling the upcoming negotiations over raising the debt ceiling and extending expiring tax provisions isn’t an obstacle; it’s an opportunity to finally get this nation moving in the direction of a responsible federal budget."