All articles tagged with #budget surplus
The US government unexpectedly posted a $27 billion budget surplus in June 2025, primarily due to increased tariff collections driven by recent trade policies, marking the first monthly surplus since 2017, although the overall fiscal situation remains challenging with a large annual deficit and high interest payments on the national debt.
US customs duties exceeded $100 billion in a fiscal year for the first time, driven by President Trump's tariffs, leading to a surprise $27 billion budget surplus in June and projections that tariff revenue could reach $300 billion in 2025, making tariffs a significant revenue source for the federal government.
Minnesota announces a $3.7 billion budget surplus for the two-year budget ending in 2025, attributing the increase to higher consumer spending and corporate profit growth. However, officials caution that future financial pressures loom, with potential shortfalls approaching $1.5 billion by 2027. While DFL lawmakers plan a more modest approach to spending, Republicans call for tax rebates and state spending cuts to mitigate the impact, as the state's rainy day reserves approach $3 billion.
Minnesota's budget surplus remains at $2.4 billion, but officials warn of a possible deficit in the future due to increased spending in health and human services and education. The surplus is projected to decrease significantly by the end of the 2026-27 biennium, leaving only $82 million. Despite the imbalance, the state is considered to be on solid financial footing, but officials emphasize the need for budget constraints and prioritizing critical programs. Governor Tim Walz plans a measured approach for the next legislative session and opposes tax cuts for high-income individuals. Republicans criticize the Democrats' spending and its impact on taxes and costs for Minnesotans. The state will release a new projection in February.
Minnesota is projected to have a budget surplus of $2.4 billion, according to a report from the state finance agency. While the near-term economic outlook appears stable, concerns have been raised about a significant structural imbalance in the budget for the next fiscal year. Higher estimates in health and human services and education are identified as the main drivers of state expenses. Lawmakers will need to decide how to allocate the surplus, with some funds going towards the rainy day fund and the rest up for debate. Democrats are considering a bonding bill, while Republicans are focused on tax relief for taxpayers.
Ireland is facing a fiscal dilemma as it expects a record budget surplus of €10 billion ($10.9 billion) this year, thanks to rising corporate tax revenue from multinational companies. The government must decide whether to save the money, pay off debts, invest in housing and infrastructure, or give it away in tax cuts and support payments. The lack of housing and infrastructure is becoming a serious obstacle to economic growth, but there are concerns about becoming dependent on unpredictable windfalls. Public opinion polls suggest that the majority prefer spending the surplus on public transport, housing, hospitals, and schools. However, the government's inefficiency in spending large sums on big investments and the potential impact of global tax changes pose challenges.
The 2023 Texas legislative session, which began with a record budget surplus, ended with the impeachment of Attorney General Ken Paxton. Lawmakers failed to strike a deal on property taxes and school choice, and a special session has been called by Governor Greg Abbott to focus on these issues. The regular session was marked by scandal and bickering, with divisions between the leaders of the two chambers, and a tenuous relationship between Patrick and Phelan. Despite bipartisan victories, there is considerable unfinished business, and a trial in the Senate over Paxton’s political future looms on the horizon.
Minnesota Democrats and Republicans are at odds over how to spend the state's $18 billion budget surplus over the next two years. Democrats are touting historic investments in education, infrastructure, housing, and tax cuts, while Republicans are criticizing the plan as a "spending spree" and advocating for more money to be returned to Minnesotans. The proposed budget includes $2.2 billion for education and $3 million toward tax relief, with the largest increase in early education, K-12, and higher education in nearly 20 years. The plan is still a framework for a final budget, with negotiations ongoing.