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U.S. Budget Deficit Drops 9% Amid Rising Tariffs

6/12/2025

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Summary

Story summary

In May, the U.S. government reported a $316 billion budget deficit, a 9% decrease from last year, thanks to a boost in customs receipts to $23 billion from new tariffs. So far this year, the deficit has hit $1.36 trillion, with total receipts rising 15% to $371 billion, while interest on the national debt dropped by 10% to $92 billion.

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Story summary

In May, the U.S. government reported a $316 billion budget deficit, a 9% decrease from last year, thanks to a boost in customs receipts to $23 billion from new tariffs. So far this year, the deficit has hit $1.36 trillion, with total receipts rising 15% to $371 billion, while interest on the national debt dropped by 10% to $92 billion.