The Federal Government ran a $1.8T budget deficit for the fiscal year, with a $560B deficit in the last quarter alone.

The U.S. budget deficit jumped nearly four-fold to $257 billion in October, a figure inflated by several one-off factors, the Treasury Department said on Wednesday but starting a new fiscal year with a big hole that will be turned over to President-elect Donald Trump in January.

The U.S. budget deficit exponentially increased and reached around $257 billion in October, primarily due to one-off factors. According to a report by the Treasury Department released on Wednesday, the figure was a sharp increase of 287% from October 2023's $67 billion deficit.

The U.S. federal government spent $257.0B more than it earned in October, compared with the $226.4B deficit expected and September's $64.0B shortfall, according to the Treasury Department's statement issued on Wednesday.