Updated: 11-Sep-25 14:22 ET
Highlights
- The Treasury Budget for August showed a deficit of $344.8 billion compared to a deficit of $380.1 billion in the same period a year ago.
- The August deficit resulted from outlays ($689.1 billion) exceeding receipts ($344.3 billion).
- The Treasury Budget data are not seasonally adjusted so the August deficit cannot be compared to the July deficit of $291.1.
- Individual Income Taxes were the largest source of receipts in August ($153 billion), followed by Social Insurance & Retirement Receipts ($134 billion). Customs Duties brought in $30 billion, bringing the fiscal year-to-date total to $165 billion.
- The largest outlays by function were Medicare ($141 billion), Social Security ($134 billion), Net Interest ($93 billion), and National Defense ($83 billion).
- The fiscal year-to-date deficit is $1.973 trillion versus $1.897 trillion in the same period a year ago.
- The budget deficit over the last 12 months is $1.893 trillion versus $1.928 trillion in July.
- The key takeaway from the report is that it underscores the large budget deficit the Treasury is running and how much larger it would be if not for the ramp-up in customs duties this fiscal year.
| Category | AUG | JUL | JUN | MAY | APR |
| Deficit (-)/Surplus | $344.8B | $291.1B | $27.0B | -$315.6B | $258.4B |
| Deficit (-)/Surplus Fiscal YTD | -$1973.3B | -$1628.0B | -$1338.0B | -$1365.0B | -$1049.0B |
| Deficit (-)/Surplus over last 12 months | -$1893.0B | -$1928.0B | -$1880.9B | -$1978.9B | -$2010.4B |
