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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The U.S. National Guard has been deployed across Washington, D.C. following President Trump’s declaration of a public safety emergency, as federal authorities continue efforts to reduce crime and secure the capital.
Adidas executives personally visited a small Indigenous town in southern Mexico to apologize for a shoe design criticised as cultural appropriation, pledging future collaboration to respect local heritage.
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The UK is gearing up for Exercise Pegasus 2025, its largest pandemic readiness test since COVID-19. Running from September to November, this full-scale simulation will challenge the country's response to a fast-moving respiratory outbreak.
Honduras has brought back mask mandates as COVID-19 cases and a new variant surge nationwide.
Kuwait says oil prices will likely stay below $72 per barrel as OPEC monitors global supply trends and U.S. policy signals. The remarks come during market uncertainty fueled by new U.S. tariffs on India and possible sanctions on Russia.
California lawmakers have fast-tracked a redistricting plan giving Democrats a potential five-seat gain in Congress, with Governor Gavin Newsom signing the measure on Thursday to counter Republican efforts in Texas.
The U.S. National Guard has been deployed across Washington, D.C. following President Trump’s declaration of a public safety emergency, as federal authorities continue efforts to reduce crime and secure the capital.
North Korean leader Kim Jong Un praised troops who fought for Russia in Ukraine, calling them "heroic" during a ceremony honoring soldiers of the army's overseas operations.
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Bangladesh and Pakistan have agreed to allow visa-free travel for holders of diplomatic and official passports, marking a major step in restoring relations after decades of restrictions.
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