\n<\/p>\n
The US Treasury Department building is seen in Washington, DC.<\/p>\n
Saul Loeb | Afp | Getty Images<\/p>\n<\/div>\n<\/div>\n<\/div>\n
The U.S. budget deficit surpassed $1 trillion for the fiscal year through February but was sharply lower than the same period a year earlier, Treasury Department data showed Wednesday.<\/p>\n
Outlays exceeded receipts by $308 billion in February, roughly in line with the deficit recorded in the same month a year ago.<\/p>\n
For the fiscal year to date, the deficit totaled $1.004 trillion, about 12% lower than the comparable period in 2025, as government revenues rose faster than spending.<\/p>\n
Helping narrow the gap was a sharp increase in tariff collections<\/a>. Customs duties totaled $151 billion through the first five months of the fiscal year, up about $113 billion, or 294%, from a year earlier.<\/p>\n The recent Supreme Court decision<\/a> striking down many of President Donald Trump’s tariffs has not shown up in the data yet. Economists say that could reflect duties collected earlier still being processed, a possible surge in imports ahead of the ruling, and lingering questions over whether and to what extent the U.S. will need to issue refunds<\/a> on tariffs already collected.<\/p>\n Moreover, Trump has imposed additional tariffs<\/a> since the decision that could continue to boost customs revenue.<\/p>\n Corporate tax revenue also declined sharply, falling $27 billion, or 17%, from a year earlier. For the fiscal year to date, tariff revenues have actually exceeded corporate tax receipts, an unusual shift.<\/p>\n Elevated interest rates also continued to weigh on the federal fiscal picture.<\/p>\n Net interest payments on the nearly $39 trillion national debt totaled $79 billion in February, more than any category except Social Security, income security \u2014 which includes programs such as unemployment insurance, housing assistance and food aid \u2014 and health care.<\/p>\n<\/div>\n
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