Thanks to the annual surge in receipts as Americans pay their tax bills, the U.S. recorded a budget surplus of $258 billion in April. The surplus was about $48 billion larger than the monthly surplus recorded a year ago.
Rising tariff revenues contributed to the surplus, as customs duties totaled $16.3 billion - 86% more than was collected in March, and more than twice the $7.1 billion that was collected in April 2024. Per CNBC, customs duties totaled $63.3 billion this year through April, an 18% increase compared to the same period last year.
Still, the surplus was not nearly large enough to cover the deficit so far this fiscal year, which dipped to $1.05 trillion in April - a 13% increase over the fiscal-year-to-date deficit recorded in April 2024.
Outlays for interest on the national debt continue to run high. Net interest totaled $89 billion in April, the largest category of spending other than Social Security.