Tariff Refunds

Aerial view of a container port on a narrow island, with a red-hulled ship stacked with containers moored beside large blue cranes, rows of containers and trailers on the quay, and a city skyline and smaller islands in the background.

How Washington Ran a $404 Billion Deficit in the First Month of Fiscal 2027: Customs Down $12 Billion, Defense and Medicare Up $51 Billion

The federal government ran a deficit of $404.1 billion in October 2026, the first month of fiscal year 2027, against $284.3 billion a year earlier, according to the Monthly Treasury Statement. Receipts fell 8.8 per cent to $368.9 billion and outlays rose 12.2 per cent to $773.0 billion. One month is a small and noisy sample.

By Margaret Holloway 3 hours ago

Stacks of shipping containers from several lines at a container terminal in the Port of Los Angeles, with blue ship-to-shore cranes against a pink and blue evening sky.

The Numbers

Customs Took In $333 Billion in Fiscal 2026. Refunds Sent About $147 Billion Back Out.

The fiscal year closed on Wednesday with a record $332.6 billion of customs deposits, according to the Treasury's daily cash statement. It also closed with $157.8 billion paid out through Customs and Border Protection, against about $10.5 billion in each of the two previous years. Net of those payments, the border raised less than it did in fiscal 2025. Since May, it has paid out $17.5 billion more than it took in.

By Cory Chamberlain October 4, 2026

Tagged stories

How Washington Ran a $404 Billion Deficit in the First Month of Fiscal 2027: Customs Down $12 Billion, Defense and Medicare Up $51 Billion

Customs Took In $333 Billion in Fiscal 2026. Refunds Sent About $147 Billion Back Out.