Treasury touts progress reducing federal spending under Trump administration

The Treasury Department is touting progress in lowering federal spending since President Donald Trump returned to the White House in January.

Treasury officials are touting data showing a decline in year-over-year federal spending growth relative to the final full year of the Biden administration. The Trump administration's data shows federal spending was up 7.1% year over year in the second quarter of 2024, before accelerating to 28.5% in the third quarter and 10.9% in the fourth quarter.

In the first quarter of 2025, when the transfer of power between the Biden and Trump administrations occurred, spending was up 8.5% year over year...