Increased interest costs on public debt, coupled with higher spending on programs like Medicare and Social Security, continue to account for a significant portion of additional borrowing needs.
In addition to customs duties, another revenue category that increased this fiscal year was excise taxes, which rose by $10 billion in the last seven months.
This is largely due to a new tax on stock buybacks, according to a statement by a Treasury official to the international press, established as part of the Biden administration's 2022 renewable energy package, known as the Inflation Reduction Act.