Indonesia and the United States Compared: US Budget Deficit Surpasses 16.9 Quadrillion Rupiah
The budget deficit of the United States has exceeded more than US$1 trillion, or approximately 16.9 quadrillion rupiah, through February in the ongoing fiscal year. Nevertheless, this figure is recorded as lower compared to the same period in the previous year, according to data from the US Department of the Treasury released on Wednesday (11 March 2026).
According to CNBC International, the Department of the Treasury reported that in February alone, US government spending exceeded revenue by US$308 billion, or approximately 5.205 quadrillion rupiah. This figure was broadly in line with the deficit recorded in the same month last year.
On a cumulative basis since the beginning of the fiscal year, the deficit reached US$1.004 trillion, or approximately 16.968 quadrillion rupiah. This figure is approximately 12% lower compared to the same period in 2025, primarily because government revenue has increased more rapidly than the growth in government spending.
One factor that has helped narrow the deficit is the surge in tariff revenue. Revenue from import tariffs reached US$151 billion (2.552 quadrillion rupiah) during the first five months of the fiscal year, a jump of approximately US$113 billion (1.910 quadrillion rupiah) compared to the previous year.
However, this data does not fully reflect the impact of a recent US Supreme Court decision that invalidated several tariffs imposed by President Donald Trump.
Economists believe this figure is likely still influenced by tariffs that were collected previously but only recently processed, a surge in imports ahead of the court decision, and uncertainty about whether the government needs to refund some of the tariffs already collected.
On the other hand, Trump has also imposed additional tariffs following the court decision, which could potentially continue to increase customs revenue in the coming months. Nevertheless, other revenue sources show weakness. Revenue from corporate taxes declined sharply by US$27 billion (456 trillion rupiah) compared to the previous year.
Notably, in the ongoing fiscal year, tariff revenue has even surpassed corporate tax revenue. This is a condition that rarely occurs in the structure of US fiscal finances.
Meanwhile, the government’s fiscal burden continues to be pressed by high interest rates. Payments of net interest on US national debt, which has reached nearly US$39 trillion (659 quadrillion rupiah), amounted to US$79 billion (1.335 quadrillion rupiah) in February alone. This has become one of the largest government expenditure items after Social Security, income support programmes, and healthcare services.
When compared with Indonesia, the US fiscal deficit is truly a world apart. Indonesia’s fiscal deficit in the first two months of 2026 stood at merely 135 trillion rupiah. In fact, the US deficit is larger even when compared to Indonesia’s entire 2026 state budget, which totals 3.842 quadrillion rupiah.