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- US budget deficit falls $41 billion to $1.775 trillion in fiscal 2025</p>
<p>By David LawderOctober 16, 2025 at 11:56 PM</p>
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<p>A U.S. Dollar note is seen in this June 22, 2017 illustration photo. REUTERS/Thomas White/Illustration</p>
<p>By David Lawder</p>
<p>WASHINGTON (Reuters) -The U.S. budget deficit shrank by $41 billion to $1.775 trillion in the 2025 fiscal year, despite a $118 billion increase in revenues from President Donald Trump's tariffs, the Treasury Department reported on Thursday.</p>
<p>The results for the year ended September 30, which include nearly nine months of Trump's second term in the White House, compared to a $1.817 trillion deficit in fiscal 2024. It was the first time the annual deficit had fallen since 2022, when the unwinding of COVID-19 relief programs brought spending down.</p>
<p>The smaller deficit was aided by a record $195 billion in net customs receipts for the fiscal year, an increase of $118 billion from the prior year as new Trump tariffs rolled in.</p>
<p>Total receipts for fiscal 2025 were a record $5.235 trillion, up $317 billion, or 6%, from the $4.918 trillion in fiscal 2024. Fiscal 2025 outlays also were a record at $7.01 trillion, up $275 billion, or 4%, from the $6.735 trillion in the prior fiscal year.</p>
<p>A U.S. Treasury official said the department calculated an estimated deficit-to-GDP ratio of 5.9% for fiscal 2025, but declined to say what GDP estimate was used. This figure compares to an actual 6.3% deficit-to-GDP ratio for fiscal 2024.</p>
<p>For the 2025 fiscal year's final month of September, the Treasury reported a record surplus of $198 billion, up $118 billion, or 147%, from the same month in the prior year.</p>
<p>(Reporting by David Lawder; Editing by Paul Simao)</p>
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