MNI BRIEF: US Budget Surplus $27B In June; YTD Deficit $1.3T
Jul-11 18:00By: Evan Ryser
US
The U.S. government posted a USD27 billion budget surplus for June, up USD98 billion from a year earlier, reflecting strong tax receipts and collections of import duties, the Treasury Department said Monday. The U.S. year-to-date deficit sits at USD1.337 trillion through nine months of the fiscal year, up 5% from the previous year.
Treasury reported customs duties totaled a record USD27 billion in June, about a USD20 billion increase from the year-earlier period and up USD4 billion from May. The U.S. has collected USD113 billion in customs duties through the fiscal year, a record high year-to-date and for any fiscal year. That's up USD52 billion compared to this point last year. In 2022, the U.S. collected USD79 billion, the prior high.
Receipts rose in June to a record high, up 13% compared to the same month a year ago, and up 7% to a record on the year. Expenditures decreased 7% monthly and are up 6% from a year ago. The Treasury paid a record USD145 billion in interest on the public debt in June and a record USD921 billion in the year so far, up 6% compared to the same point last year. The weighted average interest rate as of the end of June was 3.30%, up 2 basis points since June of last year.
