美国2025财年预算赤字达1.8万亿美元 关税收入飙升难掩财政压力

Core Insights - The U.S. federal government recorded a budget deficit of approximately $1.8 trillion for the fiscal year 2025, nearly unchanged from 2024, with a slight reduction of $80 billion [1][2] - Despite a significant increase in tariff revenue, government spending growth outpaced fiscal improvements, highlighting fiscal vulnerability amid economic expansion [1] Revenue Summary - Federal government revenue increased by 6% year-on-year, amounting to approximately $3.08 trillion [1] - Customs revenue reached $195 billion, more than doubling from the previous year's $77 billion, largely due to new tariffs imposed by the Trump administration [1][2] - Corporate income tax revenue decreased by about 15% compared to 2024, attributed to the Tax and Expenditure Act allowing greater investment deductions for corporations [1] Expenditure Summary - Government spending grew by 4%, totaling approximately $3.01 trillion, with interest on public debt surpassing $1 trillion for the first time [1] - Social Security expenditures increased by $121 billion due to cost-of-living adjustments and new eligibility criteria for public sector employees [2] - Education Department spending plummeted by $234 billion, primarily due to student loan accounting adjustments and significant cuts to the department's functions [2] Fiscal Outlook - The estimated budget deficit as a percentage of GDP for fiscal year 2025 is approximately 5.9%, a slight decrease from 6.4% in the previous fiscal year [2] - The Treasury Secretary aims to reduce the deficit ratio to 3% by 2028, the end of Trump's term, amidst concerns over maintaining a deficit close to 6% during non-crisis periods [2]