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US Budget Gap Expands in February
The United States government recorded a $307.5 billion budget deficit in February 2026, compared with a $296.3 billion deficit in the same month a year earlier. Receipts fell 43.9% from the prior month to $313.3 billion, driven by individual income taxes ($133.4 billion), social insurance and retirement receipts ($144.4 billion), and customs duties ($26.6 billion). The monthly total reflected a normalization of tax collections following seasonal peaks and specific adjustments in corporate and miscellaneous receipts. Meanwhile, outlays fell 5.1% from the prior month to $620.8 billion, with Social Security ($138.4 billion), Health and Medicare ($155.6 billion), and national defense ($71.1 billion) the largest spending categories, while spending totals were influenced by the acceleration of certain benefit payments into February because March 1 fell on a non-business day.
Published on 2026-03-11

US Budget Gap Shrinks in January
The US government recorded a $94.6 billion budget deficit in January 2026, compared with a $128.6 billion deficit in the same month a year earlier. Receipts rose 9.1% year on year to $559.9 billion, driven by individual income taxes ($317.30 billion), social insurance and retirement receipts ($169.80 billion), and customs duties ($27.74 billion). The increase reflected seasonal and collection timing effects that supported tax and customs receipts in the month. Meanwhile, outlays rose 2.0% year on year to $654.6 billion, with Social Security ($143.55 billion), Health and Medicare ($217.09 billion), and national defense ($70.75 billion) the largest spending categories, while the timing of several payments, including Medicare and veterans’ benefits, influenced the monthly outturn.
Published on 2026-02-11

US Budget Gap Widend in December
The US government recorded a $144.7 billion budget deficit in December 2025, compared with a $86.7 billion deficit in the same month a year earlier. Receipts rose 6.6% year on year to $484.4 billion, driven by individual income taxes ($242.34 billion), social insurance and retirement receipts ($143.16 billion), and customs duties ($27.89 billion). The increase reflected seasonal and collection timing effects that supported tax and customs receipts in the month. Meanwhile, outlays rose 16.3% year on year to $629.1 billion, with Social Security ($144.90 billion), Health and Medicare ($216.54 billion), and national defense ($98.30 billion) the largest spending categories, while the timing of several payments, including Medicare and veterans’ benefits, influenced the monthly outturn.
Published on 2026-01-13

US Budget Gap Narrows in November
The US government recorded a $173.3 billion budget deficit in November 2025, compared with a $366.8 billion deficit in the same month a year earlier. Receipts rose 11.4% year-on-year to $336.0 billion, driven by individual income taxes ($146.96 billion), social insurance and retirement receipts ($134.29 billion), and customs duties ($30.76 billion). The increase reflected seasonal and collection-timing effects that lifted tax and customs receipts in the month. Meanwhile, outlays fell 23.8% year-on-year to $509.3 billion, with Social Security ($133.97 billion), Health/Medicare ($25.10 billion) and national defense ($65.48 billion) the largest spending categories; several payments (including Medicare and veterans’ benefits) affected the timing of outlays.
Published on 2025-12-10

US Budget Deficit Widens Slightly
The US government recorded a $284.4 billion budget deficit in October 2025, compared with a $257.5 billion deficit in the same month a year earlier. Receipts rose 23.8% year-on-year to $404.4 billion, driven by individual income taxes ($216.95 billion), social insurance and retirement receipts ($123.85 billion), and customs duties ($31.35 billion). The increase reflected seasonal and collection timing effects that lifted tax and customs receipts in the month. Meanwhile, outlays rose 17.9% to $688.7 billion, with Medicare ($150.56 billion), Social Security ($134.14 billion), and national defense ($99.94 billion) the largest spending categories; several payments (including Medicare and veterans’ benefits) accelerated into October because the normal November payment date fell on a non-business day.
Published on 2025-11-25

US Budget Swings to Surplus
The U.S. government recorded a $284.4 billion budget surplus in October 2025, compared with a $257.5 billion deficit in the same month a year earlier. Receipts rose 23.8% year-on-year to $404.4 billion, driven by individual income taxes ($216.95 billion), social insurance and retirement receipts ($123.85 billion), and customs duties ($31.35 billion). The increase reflected seasonal and collection timing effects that lifted tax and customs receipts in the month. Meanwhile, outlays rose 17.9% to $688.7 billion, with Medicare ($150.56 billion), Social Security ($134.14 billion), and national defense ($99.94 billion) the largest spending categories; several payments (including Medicare and veterans’ benefits) accelerated into October because the normal November payment date fell on a non-business day. For the fiscal year-to-date through October, the budget deficit stood at $284.35 billion, compared with a $257.45 billion deficit in the same period a year earlier.
Published on 2025-11-25

US Books Bigger September Surplus, Fiscal Gap Narrows
The US government recorded a $198 billion budget surplus in September 2025, up sharply from an $80 billion surplus in the same month last year. Receipts rose 3.3% yoy to $543.6 billion, driven by individual income taxes ($298 billion), social security and retirement contributions ($134 billion), and corporate income taxes ($62 billion). The increase reflected the seasonal boost from large quarterly corporate and individual tax payments, which typically arrive in mid-September. Meanwhile, outlays fell 22.6% to $345.7 billion, with social security ($133 billion), health ($94 billion), and national defense ($76 billion) accounting for the largest spending categories. For the fiscal year ending September, the budget deficit narrowed by $41 billion to $1.775 trillion, marking the first annual decline since 2022. The improvement was largely due to record tariff revenues ($194.9 billion vs $77 billion), and significant cuts in education spending ($34.7 billion vs $267.9 billion).
Published on 2025-10-17

US Budget Gap Narrows in August on Record Customs Receipts
The US government recorded a $345 billion budget deficit in August 2025, falling 9% from a year earlier, according to the Treasury Department. The improvement was largely driven by a surge in customs receipts, which rose by about $22.5 billion due to tariffs imposed by President Donald Trump. With just one month left in the 2025 fiscal year, however, the year-to-date deficit still expanded by $76 billion, or 4%, reaching $1.973 trillion. Government receipts for August climbed $38 billion, or 12%, to $344 billion, while outlays grew $2 billion to $689 billion, both hitting monthly records. Net customs receipts also reached a record $29.5 billion in August, up sharply from $7 billion a year earlier, underscoring the revenue impact of the tariffs. Despite the monthly improvement, the overall fiscal position remains strained by elevated spending and a rising year-to-date shortfall.
Published on 2025-09-11

US Budget Gap Widens to $291B
The US government posted a $291 billion budget deficit in July 2025, despite a $21 billion boost in customs duty collections from higher tariffs under President Trump, as spending outpaced revenues. The shortfall was $47 billion larger than a year earlier, with receipts rising 2% to $338 billion and outlays jumping 10% to a record $630 billion for the month. According to the Treasury, fewer business days in July reduced receipts by about $20 billion; adjusting for this would put the deficit at roughly $271 billion. Gross customs receipts soared to about $28 billion from $8 billion a year earlier due to the higher tariffs. Over the first 10 months of the fiscal year, the deficit reached $1.629 trillion, up 7% from the same period last year. Receipts climbed 6% to a record $4.347 trillion, while outlays increased 7% to $5.975 trillion, also a 10-month record.
Published on 2025-08-12

US Budget Gap Widens to $291B
The US government posted a $291 billion budget deficit in July 2025, despite a $21 billion boost in customs duty collections from higher tariffs under President Trump, as spending outpaced revenues. The shortfall was $47 billion larger than a year earlier, with receipts rising 2% to $338 billion and outlays jumping 10% to a record $630 billion for the month. According to the Treasury, fewer business days in July reduced receipts by about $20 billion; adjusting for this would put the deficit at roughly $271 billion. Gross customs receipts soared to about $28 billion from $8 billion a year earlier due to the higher tariffs. Over the first 10 months of the fiscal year, the deficit reached $1.629 trillion, up 7% from the same period last year. Receipts climbed 6% to a record $4.347 trillion, while outlays increased 7% to $5.975 trillion, also a 10-month record. The figures underscore the persistence of widening budget gaps despite robust revenue growth.
Published on 2025-08-12

US Budget Gap Widens to $291B in July
The US government posted a $291 billion budget deficit in July 2025, despite a $21 billion boost in customs duty collections from higher tariffs under President Trump, as spending outpaced revenues. The shortfall was $47 billion larger than a year earlier, with receipts rising 2% to $338 billion and outlays jumping 10% to a record $630 billion for the month. According to the Treasury, fewer business days in July reduced receipts by about $20 billion; adjusting for this would put the deficit at roughly $271 billion. Gross customs receipts soared to about $28 billion from $8 billion a year earlier due to the higher tariffs. Over the first 10 months of the fiscal year, the deficit reached $1.629 trillion, up 7% from the same period last year. Receipts climbed 6% to a record $4.347 trillion, while outlays increased 7% to $5.975 trillion, also a 10-month record. The figures underscore the persistence of widening budget gaps despite robust revenue growth.
Published on 2025-08-12

US Budget Surplus Boosted by Record Tariff Revenues
The US government reported a $27 billion budget surplus in June, driven by a sharp rise in customs duties revenue, which hit a record $27.2 billion. This boost in tariff collections, especially from policies initiated under President Trump, helped push June budget receipts up 13% to $526 billion, while spending dropped 7% to $499 billion. However, adjusting for calendar shifts, the Treasury noted that June would have shown a $70 billion deficit. Year-to-date, the overall budget deficit rose 5% to $1.337 trillion, due to increased outlays on healthcare, Social Security, defense, and interest on debt. Customs receipts for the fiscal year reached a record $113.3 billion gross, signaling growing reliance on tariffs as a revenue source. Treasury officials anticipate further growth in tariff collections, possibly reaching $300 billion by the end of 2025. The administration is also preparing additional tariffs, including new sector-based duties on semiconductors and pharmaceuticals.
Published on 2025-07-11

US Budget Deficit Shrinks on Surge in Tariff Revenues
The US government recorded a $316 billion budget deficit in May, down 9% from a year earlier, driven in part by a surge in customs receipts to a record $23 billion due to new tariffs imposed by President Trump. Gross customs receipts jumped from $6 billion in May 2024, as the tariffs on imports from most trading partners increased port-of-entry collections. Year-to-date customs revenue rose nearly 60% to $86 billion. This boost helped push May’s total receipts up 15% year-over-year to $371 billion, while outlays increased to $687 billion. After adjusting for calendar shifts related to June benefit payments, the adjusted May deficit was $219 billion—a 17% drop from the comparable figure in 2024. Interest on the national debt, the government’s largest expense, also fell 10% from a year earlier to $92 billion—the first decline since October.
Published on 2025-06-11

US Government Budget Surplus Jumps in April
The US government posted a $258 billion budget surplus in April, up 23% from the same month last year, driven by strong tax receipts and higher import duty collections. The surge came during the final month of the tax season, when revenue typically peaks. Net customs duties alone totaled $16 billion for the month, a $9 billion increase from the prior year, as steep tariffs on Chinese goods—some as high as 145%—and at least 10% tariffs on other imports boosted collections. On average, the US collected over $500 million per day in tariffs during April, although this is down from the $2 billion per day President Trump claimed previously. The surplus was also supported by $85 billion in deferred tax receipts from California and calendar effects that shifted some April expenses into earlier months. However, officials expect tariff revenue to drop in the coming months following a temporary US-China agreement to reduce tariffs.
Published on 2025-05-12

US Government Budget Gap Narrows in March
The US government reported a budget deficit of $161 billion in March 2025, a 32% decrease from the previous year, largely due to a calendar shift in benefit payments, according to the Treasury Department. Despite this monthly decline, the broader fiscal picture remains concerning, with the Treasury reporting a $1.307 trillion deficit for the first half of fiscal 2025, a 23% increase from the previous year. This marks the second highest deficit for the first six months of any fiscal year, trailing only the $1.706 trillion gap in fiscal 2021, which was heavily influenced by pandemic-related spending. Net customs duties in March reached $8.75 billion, the highest since September 2022, due in part to tariff increases initiated by former President Donald Trump. However, the Treasury noted that Trump's claim of collecting $2 billion per day from tariffs is likely exaggerated. Overall, while receipts continued to grow, the budget outlook underscores ongoing fiscal challenges.
Published on 2025-04-10

US Budget Deficit Exceeds Expectations in February
US recorded a budget deficit of $307 billion in February 2025, surpassing the $296.2 billion shortfall from the same month a year earlier. February's figure slightly exceeded market expectations of a $303.2 billion gap. Government receipts reached a record $296 billion for the month, up 9% from the previous year. Meanwhile, expenditures also hit a new high of $603 billion, marking a 6% increase year-over-year. February's spending increase was primarily driven by higher interest payments on public debt, expanded Child Tax Credit disbursements, and increased Social Security payments, partly due to a 2.5% cost-of-living adjustment for 2025. After adjusting for calendar variations, the deficit stood at $311 billion, reflecting a 3% rise from February 2024. Year-to-date government revenue rose 2% to a record $1.893 trillion, while spending surged 13% to a record $3.039 trillion.
Published on 2025-03-12

US Government Budget Gap Exceeds Expectations in January
The US government reported a budget deficit of $129 billion in January, a sharp increase from the previous year's unusually low $22 billion shortfall. This figure also exceeded the forecasted deficit of $88.1 billion, largely driven by calendar shifts in benefit payments, alongside rising expenditures on Social Security, Medicare, and interest costs. The Treasury noted that January receipts rose 8% year-over-year to $513 billion, but outlays climbed at a much faster pace, increasing 29% to $642 billion. Adjusting for calendar shifts, the deficit for January would have been a more modest $21 billion. Meanwhile, the fiscal year-to-date deficit reached a record $840 billion for the first four months of 2025, marking a 58% increase from the prior year. This jump was partially attributed to inflated tax receipts in the previous fiscal year due to deferred payments. Both receipts and outlays for the first four months hit record highs, highlighting the growing fiscal strain on the government.
Published on 2025-02-12

US Government Posts $87 Billion Budget Gap in December
The U.S. government recorded an $87 billion budget deficit in December, following a substantial $367 billion gap in the previous month. The December deficit was partly reduced by shifting benefit payments into November but still led to a record $711 billion shortfall for the first three months of fiscal 2025. The calendar shift reduced the December deficit by $51 billion, compared to a $129 billion deficit in December 2023. Monthly receipts rose by 6% to $454 billion, while outlays decreased by 3% to $541 billion. For the October-December period, the deficit was $201 billion, or 39%, higher than the $510 billion shortfall in the same period the previous year, driven by substantial increases in outlays and slight declines in revenues.
Published on 2025-01-14

US Government Budget Gap Reaches $367 Billion Amid Rising Outlays and Adjustments
The US government reported a $367 billion budget deficit for November 2024, marking a 17% increase from the prior year, driven in part by calendar adjustments that shifted December Medicare and Social Security payments into November, adding approximately $80 billion to outlays. Excluding these adjustments, the deficit would have been about $29 billion, 9% lower than a year ago. Both receipts and outlays reached record highs for November, with receipts rising 10% to $302 billion and outlays increasing 14% to $669 billion. For the first two months of the 2025 fiscal year, which began on October 1, the cumulative deficit hit a record $624 billion, up 64% from the same period last year, surpassing even the COVID-19-era deficits. This surge was further influenced by tax payment deferrals expiring in 2023 due to California wildfires and other disasters. Year-to-date receipts declined 7% to $629 billion, while outlays rose 18% to $1.253 trillion.
Published on 2024-12-11

US Government Budget Gap Jumps to $257 Billion in October
The US government budget deficit surged nearly four-fold to $257 billion in October 2024, up 287% from $67 billion in the same month of the preceding year, largely due to one-off factors and calendar adjustments in benefit payments. Without these adjustments, the deficit would have been $47 billion, 22% higher than the previous year. The increase came as federal receipts fell 19% to $327 billion, while spending rose 24% to $584 billion. The new fiscal year follows President Biden’s administration ending fiscal 2024 with a $1.83 trillion deficit, the highest outside the COVID-19 period. While Social Security, Medicare, and military spending increased, the Treasury saw an 8% decline in public debt service costs, marking the first year-on-year decrease since August 2023.
Published on 2024-11-13