US President Trump returns from Michigan The report showed that revenue growth from President Donald Trump's tariffs may have plateaued, as December net customs receipts totaled $27.9-billion, down from the low $30-billion range in recent months but far above the $6.8-billion recorded in December 2024.
Net customs receipts for the first three months of fiscal 2026, which started October 1, totaled $90-billion vs $20.8-billion in the prior year period.
The Treasury said that after making adjustments to December budget results in both 2024 and 2025, the December deficit would have been $112-billion, a decrease of $14-billion or 11% from the December 2024 budget gap.
Some $32-billion in January 2026 benefit payments were shifted into December because the new year started on a weekend, while $80-billion in December 2024 benefit payments were shifted into November of that year. But the $145-billion reported deficit was a record for the month, a Treasury official said.
The deficit for the first three months of fiscal 2026, which started on October 1, 2025, totaled $602-billion, down $109-billion or 15% from the same period a year earlier amid record receipts and outlays.
(Reporting by David Lawder; Editing by Andrea Ricci)