AP reported that on April 11, the U.S. Treasury Department released data showing that the budget deficit for the first half of the 2025 fiscal year had exceeded $1.3 trillion (approximately 9.5 trillion RMB), which was the second-highest semi-annual budget deficit on record. This semi-annual budget deficit covers the period from October 2024 to March this year, including the end of the Biden administration and the early stages of Trump's term. The previous highest record was $1.7 trillion for the first half of the 2021 fiscal year. Compared to the same period last year, spending increased by $139 billion in the first three months of 2025, with borrowing increasing by $41 billion during the same period. A U.S. Treasury official who wished to remain anonymous stated that various increases in expenditures led to the high deficit, including Social Security spending, Medicare and Medicaid spending, disaster relief spending by the Federal Emergency Management Agency, and defense department spending. Since taking office as President of the United States, Trump has been attempting to reduce waste and spending in the federal government through the "Department of Government Efficiency." Meanwhile, House Republicans narrowly passed their proposed budget framework on the 11th, which proposes a tax cut of $4.5 trillion while seeking to cut at least $1.5 trillion worth of federal programs and services. On April 11, Musk said in the Oval Office of the White House that waste and fraud were "very common," and the "Department of Government Efficiency" would save $150 billion in the new fiscal year by reducing waste and fraud. He had previously mentioned cutting $1 trillion during an interview with Fox News last month, but the goal he set on the 11th was much lower. U.S. Treasury Secretary Scott Bessen also repeatedly mentioned the necessity to curb spending. Earlier this month, he told Bloomberg Television in an interview that the U.S. could approach the statutory debt limit as early as this summer. Bessen warned: "We will enter the warning track in May or June." This article is an exclusive contribution from Guancha Observer and is unauthorized for reprinting without permission. Original source: https://www.toutiao.com/article/7492228135862190643/ Disclaimer: This article represents the author's personal views. Please express your opinions by using the "thumbs up/thumbs down" buttons below.