Updated: 13-Jul-26 14:47 ET
| June Treasury Budget |
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| Updated: 13-Jul-26 14:47 ET |
Highlights
- The Treasury Department reported a $120.3 billion deficit for June versus a surplus of $27.0 billion for the same period in June 2025.
- Receipts totaled $495.8 billion, while outlays reached $616.1 billion.
Key Factors
- Individual Income Taxes ($283 billion) was the largest source of receipts in June, followed by Social Insurance & Retirement ($156 billion). Customs duties were -$26.0 billion.
- The largest outlays by function were Social Security ($147 billion), Net Interest ($104 billion), Medicare ($103 billion), Health ($97 billion), and National Defense ($82 billion).
- The fiscal year-to-date deficit is $1.37 trillion versus $1.34 trillion in the same period a year ago.
- The budget deficit over the last 12 months is $1.805 trillion versus $1.657 trillion in May.
Big Picture
- The key takeaway from the report is the recognition that tariff refunds are cutting into government receipts at the same time the amount spent on net interest is going up. The results is a 12-month budget deficit that exceeds the 12-month deficit registered in May.
| Category | JUN | MAY | APR | MAR | FEB |
| Deficit (-)/Surplus | -$120.3B | -$292.6B | $215.0B | -$164.1B | -$307.5B |
| Deficit (-)/Surplus Fiscal YTD | -$1370.0B | -$1250.0B | -$953.0B | -$1168.6B | -$1004.5B |
| Deficit (-)/Surplus over last 12 months | -$1804.5B | -$1657.0B | -$1680.2B | -$1636.9B | -$1633.2B |