The U.S. government posted a $145 billion budget ⁠deficit for December, up 67% or $58 billion from a year earlier due to record outlays that were inflated by calendar shifts in benefit payments and receipts, the Treasury Department said on Tuesday.

The report showed that revenue growth from President Donald Trump's tariffs may have plateaued, as December net customs receipts ⁠totaled $27.9 billion, down from the low $30 billion range in recent months but far above the $6.8 billion recorded in December 2024.

Net customs receipts for the first three months of fiscal year 2026, which started Oct. 1, totaled $90 billion versus $20.8 billion in the prior year period.

The Treasury said that after making ⁠adjustments to December budget results in both 2024 and 2025, the December deficit would have been $112 billion, a decrease of $14 billion or 11% from the December 2024 budget gap.

Some $32 ⁠billion in January 2026 benefit payments ⁠were shifted into December because the new year started on a weekend, while $80 billion in December 2024 benefit payments were shifted into November of that year. But the $145 billion reported deficit was a record for the month, a Treasury official said.

The deficit ⁠for the first three months of fiscal year 2026 totaled $602 billion, down $109 billion or 15% from the same period a year earlier amid record receipts and outlays.