The U.S. unexpectedly recorded a $27 billion budget surplus in June, reversing last year’s deficit. This improvement reflects stronger customs collections and significant cuts in education spending amid ongoing fiscal challenges.
The U.S. federal government posted a $27 billion budget surplus in June, the Treasury Department reported, thanks largely to a surge in customs revenues and reduced education expenditures.
For the first nine months of fiscal year 2025, running from October 2024 to June 2025, government revenues rose 13% to $526 billion, while expenditures dropped 7% to $499 billion. This contrasts with market expectations of a $41.5 billion deficit and a $71 billion deficit in June last year.
Customs duty revenues, aligned with President Donald Trump’s tariff policies, jumped 301% year-on-year in June, reaching $27 billion and surpassing $100 billion for the fiscal year to date at $113 billion.
Education spending fell by 91% in June compared to the same month last year.
Despite the June surplus, the overall fiscal deficit for the first nine months grew by 5% to $1.34 trillion, compared to $1.3 trillion last year. Revenues for this period increased 7% to $4 trillion, while expenditures rose 6% to $5.35 trillion.
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At a ministerial meeting of the Organization of Turkic States in Baku, Azerbaijan’s Economy Minister Mikayil Jabbarov proposed creating a joint Startup and Innovation Cooperation Platform to strengthen regional collaboration and accelerate technological development across member countries.
British Prime Minister Keir Starmer and Ukrainian President Volodymyr Zelenskyy arrived for the Coalition of the Willing meeting on Friday 24th October.
U.S. defence startup Castelion has secured contracts to integrate its Blackbeard hypersonic weapon with Army and Navy systems, marking a step toward global deployment of next-generation strike missiles.
The body of a 56-year-old man has been found buried in mud a year after he was swept away in deadly flash floods in southeastern Spain, authorities said on Thursday.
At least 69 people have died and almost 150 injured following a powerful 6.9-magnitude earthquake off the coast of Cebu City in the central Visayas region of the Philippines, officials said, making it one of the country’s deadliest disasters this year.
A tsunami threat was issued in Chile after a magnitude 7.8 earthquake struck the Drake Passage on Friday. The epicenter was located 135 miles south of Puerto Williams on the north coast of Navarino Island.
The war in Ukraine has reached a strategic impasse, and it seems that the conflict will not be solved by military means. This creates a path toward one of two alternatives: either a “frozen” phase that can last indefinitely or a quest for a durable political regulation.
A shooting in Nice, southeastern France, left two people dead and five injured on Friday, authorities said.
Snapchat will start charging users who store more than 5GB of photos and videos in its Memories feature, prompting backlash from long-time users.
British Prime Minister Keir Starmer and Ukrainian President Volodymyr Zelenskyy arrived for the Coalition of the Willing meeting on Friday 24th October.
Twenty-two years ago, the Concorde made its final descent into London, marking the end of an era when air travel reached twice the speed of sound and luxury met groundbreaking engineering.
U.S. defence startup Castelion has secured contracts to integrate its Blackbeard hypersonic weapon with Army and Navy systems, marking a step toward global deployment of next-generation strike missiles.
The body of a 56-year-old man has been found buried in mud a year after he was swept away in deadly flash floods in southeastern Spain, authorities said on Thursday.
Russian President Vladimir Putin has appointed Nikolai Udovichenko as his Special Representative for the delimitation and demarcation of state borders with CIS countries, including the breakaway “Republics of Abkhazia and South Ossetia.”
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