Economists Dispute Trump’s Claim of Achieving a Surplus

In recent addresses and media interactions, President Donald Trump has praised the federal budget surplus for June, asserting that a surplus of this nature hadn't occurred in “many, many years” or “decades.” However, it's important to note that the U.S. hadn't posted a surplus in June since 2016, although there have been several surpluses in other months since then. While Trump attributes this June surplus to “good management and tariffs,” the Congressional Budget Office indicated that without significant payments made in May—typically scheduled for June—the U.S. would have faced a budget deficit last month. Additionally, data from the Treasury Department shows an overall budget deficit exceeding $1.3 trillion for the first nine months of fiscal year 2025, $64 billion more than the same timeframe in fiscal year 2024. Trump initially announced the $27 billion surplus in a July 14 White House event, displaying surprise at the figure.