Monthly Treasury Statement
The U.S. federal deficit
How much more the federal government spends than it collects — this fiscal year month by month, and every completed year since FY2015. The deficit is the main reason the national debt keeps rising.
Annual deficits
See the tableFiscal years end 30 September. The FY2020–21 spike reflects pandemic relief spending and lower receipts.
FY2026 month by month
| Month | Receipts | Outlays | Deficit (−surplus) |
|---|---|---|---|
| October | $404B | $689B | $284B |
| November | $336B | $509B | $173B |
| December | $484B | $629B | $145B |
| January | $560B | $655B | $94.6B |
| February | $313B | $621B | $308B |
| March | $385B | $549B | $164B |
| April | $837B | $622B | $215B surplus |
| May | $336B | $628B | $293B |
| June | $496B | $616B | $120B |
| July | $334B | $766B | $432B |
| August | $360B | $527B | $167B |
| September | $558B | $585B | $26.9B |
| Year to date | $5.40T | $7.40T | $1.99T |
Receipts, outlays and deficits by year
| Fiscal year | Receipts | Outlays | Deficit |
|---|---|---|---|
| FY2026 | $5.40T | $7.40T | $1.99T |
| FY2025 | $5.23T | $7.01T | $1.78T |
| FY2024 | $4.92T | $6.73T | $1.82T |
| FY2023 | $4.44T | $6.13T | $1.70T |
| FY2022 | $4.90T | $6.27T | $1.38T |
| FY2021 | $4.05T | $6.82T | $2.78T |
| FY2020 | $3.42T | $6.55T | $3.13T |
| FY2019 | $3.46T | $4.45T | $984B |
| FY2018 | $3.33T | $4.11T | $779B |
| FY2017 | $3.31T | $3.98T | $666B |
| FY2016 | $3.27T | $3.85T | $586B |
| FY2015 | $3.25T | $3.69T | $439B |
Deficit versus debt growth
If deficits were the only source of borrowing, the debt would rise by exactly the deficit each year. It doesn’t. The table compares each year’s budget deficit with the change in total public debt between fiscal-year ends.
| Fiscal year | Budget deficit | Change in total debt | Difference |
|---|---|---|---|
| FY2026 | $1.99T | +$2.53T | +$542B |
| FY2025 | $1.78T | +$2.17T | +$398B |
| FY2024 | $1.82T | +$2.30T | +$481B |
| FY2023 | $1.70T | +$2.24T | +$543B |
| FY2022 | $1.38T | +$2.50T | +$1.12T |
In most years the gap is mainly intragovernmental borrowing: when trust funds such as federal retirement funds take in more than they pay out, the surplus is invested in Treasury securities, which adds to total debt without adding to the deficit. Changes in the Treasury’s cash balance also matter — the Treasury can borrow more than it needs to build cash, or run cash down and borrow less, as it did while constrained by the debt limit in fiscal year 2021. Federal credit programs explain the rest. See debt versus deficit for the concepts.
Debt change: U.S. Treasury, Historical Debt Outstanding (fiscal-year ends). Deficit: Monthly Treasury Statement.
Deficit questions
What is the federal deficit so far this fiscal year?
Through September of fiscal year 2026, the deficit was $1.99 trillion: outlays of $7.40 trillion minus receipts of $5.40 trillion, according to the Monthly Treasury Statement.
What was the deficit in fiscal year 2026?
The federal government ran a $1.99 trillion deficit in fiscal year 2026, with receipts of $5.40 trillion and outlays of $7.40 trillion.
Why does the debt grow by more than the deficit?
Total public debt also includes borrowing by the government from its own trust funds (intragovernmental holdings), changes in the Treasury’s cash balance and financing of federal loan programs. None of those are counted as budget outlays, so the yearly change in total debt is usually larger than the deficit.
Why do some months show a surplus?
Receipts are seasonal. Individual income tax payments due in April — and quarterly estimated taxes in June, September and December — can push receipts above outlays for a month, even in a year with a large overall deficit.
When did the United States last run a surplus?
The federal government last ran annual surpluses in fiscal years 1998 through 2001.
Explore related data
Completed fiscal years use the most recent Monthly Treasury Statement that reports them (latest: 30 September 2026), so later revisions are included.