U.S. Treasury Reports Surging Tax Revenues Amid Record Spending
The U.S. government recorded a $258 billion budget surplus in April, boosted by robust tax receipts and increased import duties amidst heightened tariffs. The budget deficit for the fiscal year rose to $1.049 trillion, driven by record-high spending on Medicare, Medicaid, Social Security, and debt interest payments.
The U.S. Treasury announced a remarkable $258 billion budget surplus for April, marking a 23% increase from the previous year, attributable to strong tax receipts and surging import duty collections.
This comes as the Treasury reported $63 billion in net customs duties for the first seven months of the fiscal year. However, future revenue might decline due to a recent U.S.-China tariff agreement to ease levies temporarily.
The Treasury's fiscal report highlighted a $1.049 trillion budget deficit for the first seven months of FY2025, driven largely by record spending on key social programs and rising debt interest payments.
(With inputs from agencies.)
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