Interest payments on public debt increased by $144 billion to a record $1.36 trillion. Government revenue rose 3% to $5.40 trillion, while spending increased 6% to $7.40 trillion, AFP reported.

Tariff refunds following the US Supreme Court's decision to strike down President Donald Trump's global duties contributed to the deficit, with customs refunds totaling $145 billion during the fiscal year, the report said.

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