U.S. deficit tops $1 trillion through February but runs below year-ago pace

Group 1 - The U.S. budget deficit surpassed $1 trillion for the fiscal year through February, but it is sharply lower than the same period a year earlier [1] - For the fiscal year to date, the deficit totaled $1.004 trillion, about 12% lower than the comparable period in 2025, driven by faster growth in government revenues compared to spending [2] - A significant increase in tariff collections contributed to narrowing the deficit, with customs duties totaling $151 billion through the first five months of the fiscal year, up about $113 billion, or 294%, from a year earlier [2] Group 2 - The recent Supreme Court decision striking down many of President Trump's tariffs has not yet impacted the data, with economists noting potential delays in processing duties and a possible surge in imports [3] - Corporate tax revenue declined sharply, falling $27 billion, or 17%, from a year earlier, with tariff revenues exceeding corporate tax receipts for the fiscal year to date, indicating an unusual shift [4] - Net interest payments on the national debt, which stands at nearly $39 trillion, totaled $79 billion in February, ranking second only to Social Security and income security programs [5]