The US budget deficit rises to $164 billion as revenues decline

The US Treasury Department said that the federal budget deficit rose in March by $4 billion, or 2%, to reach $164 billion, compared to the same period last year.
The rise came after new tax breaks for individuals and companies led to a sharp increase in refunds, while relief payments to farmers also rose.
According to Reuters, monthly budget data did not show a significant increase in spending related to the war with Iran, as expenditures for military and defense programs rose only $2 billion, or 3%, to $65 billion during the first month of the conflict.
A Treasury Department official said a number of war-related expenses, such as replenishing weapons stockpiles, would appear in subsequent months.
Customs duty revenues also declined in the month after the US Supreme Court overturned the largest global tariffs imposed by President Donald Trump under the emergency law.