The $711 billion October-December deficit was $201 billion higher than the $510 billion deficit in the same period a year earlier.

Trump has vowed to take quick action to hike tariffs on imports -- cast as a potential way to boost revenues -- while his Treasury secretary pick took aim this week at federal spending

The nonpartisan Congressional Budget Office released its latest 10-year budget outlook, which projected the U.S. is on track to break a notable debt record in just four years.

The Congressional Budget Office (CBO) projected Friday that the federal budget deficit would hit $1.9 trillion in fiscal 2025. The nonpartisan budget scorekeeper estimated that federal spending would total $7 trillion during the fiscal year,