A new Congressional Budget Report shows that the federal budget deficit totaled $1.1 trillion for the current fiscal year, or $196 billion more than the deficit recorded during the same period last fiscal year, and climbed by $166 billion from January through April, the first months of President Donald Trump's second term in office.

The report, released Thursday, shows revenues increased by $146 billion, or 5%, and spending rose by $342 billion, or 9%, and comes as Trump and the U.S. DOGE Service pushed for cuts and reductions in spending and the government workforce, reports The Washington Post.

Most of the higher spending came from Social Security, Medicare, and Medicaid, according to the CBO reported.

Social Security and Medicare combined, however, resulted in $1.5 trillion in spending, up from $70 billion in the last year.

The growth comes as baby boomers are retiring and pulling benefits from the programs' trust fund more quickly than can be replaced.

Defense spending went up by $39 billion when compared to fiscal year 2024, and spending jumped by $18 billion for the Department of Homeland Security, which has been tasked with deporting 1 million immigrants this year, according to the CBO.

Meanwhile, fiscal hardliners are seeking at least $2 trillion in guaranteed spending cuts as part of the Republicans' budget reconciliation bill, dubbed by the president as the "big, beautiful bill."

The measure also seeks to make Trump's tax cuts from his 2017 Tax Cuts and Jobs Act permanent.

Wednesday, Trump asked House Speaker Mike Johnson to allow tax rates to rise on people earning more than $2.5 million a year in taxable income.

The move would lower the legislation's cost, but Republicans are also planning to use a maneuver that writes off the costs of extending the expiring policies.

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