U.S. January budget deficit narrows to $95 billion as receipts climb 9% and customs duties soar

In January, the U.S. budget deficit fell to $95 billion, narrowing by $34 billion from the same month a year earlier as receipts grew faster than outlays. Revenues rose 9% to $560 billion while spending increased 2% to $655 billion, with a sharp jump in customs duties and a temporary drop in interest payments helping contain the gap. For the fiscal year starting October 1, the cumulative deficit reached $697 billion as total revenue hit $1.785 trillion and expenditure climbed to $2.482 trillion.