The U.S. government posted a lower $173 billion deficit in November as tariffs on imports helped to boost revenues, the Treasury Department said on Wednesday.

The deficit last month was down $193 billion, or 53%, from the $367 billion deficit reported in November 2024.

The shortfall in the first two months of fiscal 2026 totaled $458 billion compared to $624 billion in the same period in fiscal 2025.

Outlays for November totaled $509 billion, down from $669 billion in November 2024.

Receipts for November amounted to $336 billion, a record for the month, compared to the $302 billion collected during the same month in 2024. Revenues were lifted by customs duties, which amounted to $30.76 billion. Customs duties totaled $62.11 billion in the first two months of fiscal 2026.

Powered by Commodity Insights