Through September 2025, tariff revenues accumulated since January hit $179 billion—but here's the thing: that's barely covering 9.6% of the projected federal budget deficit. Pretty telling when you think about it. The gap between expected revenue and actual collections speaks volumes about fiscal dynamics moving forward. For crypto markets, this matters because growing budget deficits often signal loose monetary conditions ahead, which typically supports risk asset flows. Worth tracking if you're calibrating your macro outlook.