US monthly budget deficit falls to $316 billion as tariffs boost customs receipts
WASHINGTON, June 11 (Reuters) - The U.S. government posted a $316 billion budget deficit for May, down 9%, or $31 billion, from a year earlier, as customs receipts nearly quadrupled to a record $23 billion due to President Donald Trump's steep new import tariffs, the Treasury Department said on Wednesday.
Gross customs receipts jumped last month from $6 billion in May 2024 as Trump's tariffs on goods from nearly all trading partners began showing up in significant volumes in port-of-entry collections, a Treasury official said. Fiscal year-to-date customs receipts were up nearly 60% to $86 billion.
The customs duties helped push receipts for May up to $371 billion, which were up 15%, or $48 billion from May 2024. Outlays reached $687 billion, or $16 billion.
Both the May 2025 and May 2024 budget results had calendar adjustments, largely for June benefits that were paid in May because the month of June in both years started on weekends. After adjusting for these shifts, the deficit in May would have been $219 billion, a 17% decline from the adjusted May deficit of $263 billion.
Interest on the public debt, which has been steadily growing as one of the government's largest expense items, fell by $11 billion, or 10%, in May from a year earlier to $92 billion, the first decrease since October.
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The companies have also been accused of squashing the individual quirks of the resorts they buy up. Are there any additional perks? Ikon Pass holders can offer a partner service, run by a third party, but branded as Ikon Pass Travel. Kristin Rust, vice president of communications for Alterra Mountain Company explains: 'It's a travel agency in the States that are ski specialists – their claim to fame is that every single person on their staff has been to the resorts that they sell. So if you want to go to Chamonix, they can help you book your hotel, your flight and so on.' Ikon Pass holders also get discounts on gear from The North Face, Db luggage and a range of other brands, and complimentary bike park tickets in certain destinations for the summer. The Epic Pass also offers a range of ancillary benefits, including 20 per cent off food, lodging, equipment rentals, group lessons and even heli-skiing at select resorts. Epic Pass holders also get unlimited summer access to many Vail-owned resorts, including Crans-Montana in Switzerland, which is particularly well-known for its mountain bike trails. 'While winter is at the heart of what we do, summer in Switzerland offers its own kind of magic, with a full calendar of exciting events and activities,' explained Mike Goar, Vail Resorts chief operating officer for Switzerland.
