The U.S. federal deficit totaled $1.63 trillion in the first 10 months of FY2025, up $109 billion (+7% YoY), as revenues rose 6% YoY while outlays increased 7% YoY.

• Total receipts reached $4.35 trillion, led by a $214 billion (+6% YoY) increase in individual & payroll taxes and a $70 billion (+112% YoY) surge in customs duties from higher tariffs; corporate income taxes fell -$27 billion (-7% YoY).
• Outlays rose to $5.97 trillion, driven by Social Security (+$102 billion, +8% YoY), Medicare (+$58 billion, +8% YoY), Medicaid (+$47 billion, +9% YoY), and interest on the public debt (+$60 billion, +8% YoY).
• Education spending fell -$81 billion (-38% YoY) due to lower student loan costs; FDIC (-$63 billion) and SBA (-$31 billion) also saw large declines.
• The July 2025 monthly deficit was $289 billion, up $45 billion (+19% YoY), with receipts up 3% YoY and outlays up 9% YoY.