U.S. Budget Gap Widens to $747 Billion in 9 Months Through June
The U.S. budget deficit widened by 23% to $747.1 billion in the first nine months of the fiscal year, as rising spending eclipsed a small bump in revenue from the Trump administration’s tariffs.
Federal expenditures increased to $3.36 trillion in the period from October to June, up 6.6% from a year earlier, the Treasury Department said on Thursday. Revenue rose by 2.7% to $2.61 trillion.
Collections from customs almost doubled to $50.5 billion from a year earlier. President Donald Trump’s administration last year imposed tariffs on everything from Chinese goods to steel and aluminum imports. Still, custom duties comprise only a small share of total receipts.