Updated: 12-Aug-25 14:31 ET
Highlights
- The Treasury Budget for July showed a deficit of $291.1 billion (Briefing.com consensus -$140.0 billion) compared to a deficit of $243.7 billion in the same period a year ago.
- The July deficit resulted from outlays ($629.6 billion) exceeding receipts ($338.5 billion).
- The Treasury Budget data are not seasonally adjusted so the July deficit cannot be compared to the June surplus of $27.0 billion.
- Individual Income Taxes were the largest source of receipts in July ($145 billion), followed by Social Insurance & Retirement Receipts ($131 billion).
- The largest outlays by function were Social Security ($133 billion), Medicare ($100 billion), Net Interest ($92 billion), and Health ($90 billion).
- The fiscal year-to-date deficit is $1.628 trillion versus $1.517 trillion in the same period a year ago.
- The budget deficit over the last 12 months is $1.944 trillion versus $1.896 trillion in June.
- The key takeaway from the report is that it showed a return to a deficit after a surprise surplus in June. Receipts from customs duties totaled $28 billion in July, increasing the year-to-date total to $136 billion.
| Category | JUL | JUN | MAY | APR | MAR |
| Deficit (-)/Surplus | $291.1B | $27.0B | -$316.0B | $258.4B | -$160.5B |
| Deficit (-)/Surplus Fiscal YTD | -$1628.0B | -$1338.0B | -$1365.0B | -$1049.0B | -$1307.0B |
| Deficit (-)/Surplus over last 12 months | -$1944.0B | -$1896.0B | -$1995.0B | -$2026.0B | -$2074.8B |
