The U.S. federal government recorded a budget deficit of $308 billion in February, roughly unchanged from the same month a year earlier, according to new Treasury Department data showing that increases in both revenue and spending largely offset each other.

Total receipts for February reached $313 billion, an increase of $17 billion, or about 6 percent, compared with February 2025. Federal outlays for the month totaled $621 billion, also up $17 billion, representing a 3 percent increase from the previous year.

The year-over-year comparison reflects the first full month under President Donald Trump’s current administration. Treasury officials said several factors contributed to the rise in federal receipts.

Individual withheld income tax payments increased by approximately $15 billion in February. Treasury officials attributed part of that increase to year-end bonuses for 2025 that were paid early in the year and subject to withholding.

At the same time, higher tax refunds partially offset revenue gains. Corporate tax refunds rose by $7 billion, while individual tax refunds increased by roughly $6 billion. Treasury officials said the rise in refunds was influenced by tax provisions tied to legislation passed by Republicans last year.

The report also showed a modest decline in customs duty collections compared with recent months. Net customs duties totaled $26.6 billion in February, down from $27.7 billion in January and more than $30 billion during the final months of last year.

Treasury officials noted that the February figures do not yet fully reflect tariff reductions following a recent Supreme Court ruling that struck down certain duties imposed under the International Emergency Economic Powers Act. The Court determined that those tariffs were unlawful.

Because import tariffs are generally paid a month in arrears, the impact of the ruling may not be visible in federal budget data immediately. U.S. Customs and Border Protection stopped assessing those tariffs beginning February 24.

Officials said it remains unclear how refunds tied to the invalidated tariffs, if issued, will ultimately appear in future Treasury budget reports.