The monthly balance swung from a $27 billion surplus in June 2025 as government receipts dropped to $496 billion, with the decline largely tied to higher tariff refund payments.
The US Treasury reported a $120 billion deficit in June, reversing a $27 billion surplus recorded in June 2025. Government receipts fell by $31 billion year over year to $496 billion. The decline was largely driven by a surge in tariff refund payments, pointing to how trade-related cash flows can materially affect the federal government's monthly budget position.