Updated: 16-Oct-25 14:23 ET
Highlights
- The Treasury Budget for September showed a surplus of $198.0 billion compared to a surplus of $80.3 billion in the same period a year ago. That is the largest monthly surplus since April 2025.
- The September surplus resulted from receipts ($544.0 billion) exceeding outlays ($346.0 billion).
- The Treasury Budget data are not seasonally adjusted, so the September surplus cannot be compared to the August deficit of $344.8 bln.
- Individual Income Taxes were the largest source of receipts in September ($298 billion), followed by Social Insurance & Retirement Receipts ($134 billion). Corporate income taxes brought in $62 billion. Customs Duties brought in $30 billion, bringing the fiscal year-to-date total to $195 billion.
- The largest outlays by function were Social Security ($133 billion), Health ($94 billion), National Defense ($76 billion), and Net Interest ($37 billion).
- The fiscal year-to-date deficit is $1.775 trillion versus $1.816 trillion in the same period a year ago.
- The budget deficit over the last 12 months is $1.775 trillion versus $1.893 trillion in August.
- The key takeaway from the report is that the FY25 deficit was less than the FY24 deficit. That is the good news. The bad news is that the FY25 deficit was still $1.775 trillion, even with the collection of $195 billion in customs duties (for tariffs).
| Category | SEP | AUG | JUL | JUN | MAY |
| Deficit (-)/Surplus | $198.0B | -$344.8B | -$291.1B | $27.0B | -$315.6B |
| Deficit (-)/Surplus Fiscal YTD | -$1775.0B | -$1973.3B | -$1628.0B | -$1338.0B | -$1365.0B |
| Deficit (-)/Surplus over last 12 months | -$1775.0B | -$1893.0B | -$1928.0B | -$1880.9B | -$1978.9B |
