Overview

• The Treasury reported a fiscal 2025 deficit of $1.775 trillion, a $41 billion decline from fiscal 2024.
• Total receipts reached a record $5.235 trillion and outlays rose to a record $7.01 trillion, putting the deficit at an estimated 5.9% of GDP versus 6.3% last year.
• Net customs receipts climbed to a record $195 billion, up $118 billion year over year, with duties collected rising to $202 billion from $84 billion, according to Treasury data.
• Interest on the public debt hit a record $1.2 trillion and health spending increased, while individual income taxes rose 6% and gross corporate tax collections fell 14%.
• The tariff program heads to Supreme Court review next month with Treasury warning potential refunds if it is struck down, and the figures arrived during a day-16 shutdown that officials say could cost up to $15 billion per week.