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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Turkish President Recep Tayyip Erdoğan said he would have a phone call with U.S. President Donald Trump on Monday to discuss peace efforts between Ukraine and Russia as well as issues surrounding Gaza.
Start your day informed with AnewZ Morning Brief: here are the top news stories for the 2nd of January, covering the latest developments you need to know.
Democrat Zohran Mamdani officially took office as New York City’s mayor on Thursday, beginning his term with a public swearing-in ceremony on the steps of City Hall.
Russia and Ukraine have accused each other of targeting civilians during New Year attacks, as intensified fighting coincided with U.S.-led efforts to push both sides towards ending the nearly four-year war.
Dozens of people are feared dead and around 100 others injured after an explosion tore through a crowded bar during New Year’s Eve celebrations at the Swiss ski resort of Crans-Montana, authorities said.
At least 47 people were killed and 112 injured after a fire broke out at a crowded bar in the Swiss ski resort town of Crans-Montana during New Year’s Eve celebrations, Italian Foreign Minister Antonio Tajani told Italian media on Thursday.
India has approved a major arms deal with Israel valued at approximately $8.7 billion, highlighting the deepening defence partnership between the two countries.
Russian athletes will not be allowed to represent their country at the Milano Cortina Winter Olympics even if a peace deal is reached with Ukraine, International Olympic Committee President Kirsty Coventry said in an interview with an Italian newspaper.
India and Pakistan on Thursday exchanged lists of nuclear facilities as well as civilian prisoners, under long-standing bilateral agreements, according to official statements from both countries.
The United Nations on Friday voiced serious concern over the deteriorating humanitarian situation in Sudan, warning that rising violence is increasingly affecting civilians.
Ukrainian officials reported on Friday that thousands of children and their parents were evacuated from frontline areas in the Zaporizhzhia and Dnipropetrovsk regions as Russian forces continued to advance.
Yemen’s southern separatists have announced plans to hold a referendum on independence from the north within two years, a move likely to further escalate tensions as Saudi-backed government forces seek to retake territory seized by the group last month.
A 6.5-magnitude earthquake has struck the southern state of Guerrero in Mexico.
Suhail Shaheen, Afghanistan’s ambassador in Doha, has again urged the United Nations to transfer Afghanistan’s seat at the UN to the Taliban-led administration, arguing the current arrangement no longer reflects realities in the country.
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