Federal deficitFY2025 and FY2026 to date
Federal deficit by year
The federal deficit was $1.78 trillion in fiscal year 2025, 5.9% of GDP.In FY2026 through August 2026 it was $1.966 trillion, against $1.973 trillion in the same months a year earlier. The last surplus was in FY2001.
Deficit, FY2025
$1.78 trillion
FY2024: $1.83 trillion
FY2026 to date
$1.97T
through Aug '26
Share of GDP
5.9%
FY2025
Since 1930, as a share of the economy
Surplus or deficit as a percent of GDP, FY1930 to FY2025
Surplus above the line, deficit below it, fiscal years
Every year in dollars and % of GDP
| Fiscal year | Receipts | Outlays | Surplus (+) or deficit (-) | % of GDP |
|---|---|---|---|---|
| 2025 | $5.24 trillion | $7.01 trillion | -$1.77 trillion | -5.9% |
| 2024 | $4.92 trillion | $6.74 trillion | -$1.82 trillion | -6.3% |
| 2023 | $4.44 trillion | $6.13 trillion | -$1.69 trillion | -6.2% |
| 2022 | $4.90 trillion | $6.27 trillion | -$1.37 trillion | -5.4% |
| 2021 | $4.05 trillion | $6.82 trillion | -$2.77 trillion | -12.0% |
| 2020 | $3.42 trillion | $6.52 trillion | -$3.10 trillion | -14.5% |
| 2019 | $3.46 trillion | $4.45 trillion | -$983.6 billion | -4.6% |
| 2018 | $3.33 trillion | $4.11 trillion | -$779.1 billion | -3.8% |
| 2017 | $3.32 trillion | $3.98 trillion | -$665.5 billion | -3.4% |
| 2016 | $3.27 trillion | $3.85 trillion | -$584.6 billion | -3.1% |
| 2015 | $3.25 trillion | $3.69 trillion | -$442.0 billion | -2.4% |
| 2014 | $3.02 trillion | $3.51 trillion | -$484.8 billion | -2.8% |
| 2013 | $2.78 trillion | $3.45 trillion | -$679.8 billion | -4.1% |
| 2012 | $2.45 trillion | $3.53 trillion | -$1.08 trillion | -6.7% |
| 2011 | $2.30 trillion | $3.60 trillion | -$1.30 trillion | -8.4% |
| 2010 | $2.16 trillion | $3.46 trillion | -$1.29 trillion | -8.7% |
| 2009 | $2.10 trillion | $3.52 trillion | -$1.41 trillion | -9.8% |
| 2008 | $2.52 trillion | $2.98 trillion | -$458.6 billion | -3.1% |
| 2007 | $2.57 trillion | $2.73 trillion | -$160.7 billion | -1.1% |
| 2006 | $2.41 trillion | $2.66 trillion | -$248.2 billion | -1.8% |
| 2005 | $2.15 trillion | $2.47 trillion | -$318.3 billion | -2.5% |
| 2004 | $1.88 trillion | $2.29 trillion | -$412.7 billion | -3.4% |
| 2003 | $1.78 trillion | $2.16 trillion | -$377.6 billion | -3.3% |
| 2002 | $1.85 trillion | $2.01 trillion | -$157.8 billion | -1.5% |
| 2001 | $1.99 trillion | $1.86 trillion | $128.2 billion | +1.2% |
| 2000 | $2.03 trillion | $1.79 trillion | $236.2 billion | +2.3% |
| 1999 | $1.83 trillion | $1.70 trillion | $125.6 billion | +1.3% |
| 1998 | $1.72 trillion | $1.65 trillion | $69.3 billion | +0.8% |
| 1997 | $1.58 trillion | $1.60 trillion | -$21.9 billion | -0.3% |
| 1996 | $1.45 trillion | $1.56 trillion | -$107.4 billion | -1.4% |
| 1995 | $1.35 trillion | $1.52 trillion | -$164.0 billion | -2.2% |
| 1994 | $1.26 trillion | $1.46 trillion | -$203.2 billion | -2.8% |
| 1993 | $1.15 trillion | $1.41 trillion | -$255.1 billion | -3.8% |
| 1992 | $1.09 trillion | $1.38 trillion | -$290.3 billion | -4.5% |
| 1991 | $1.05 trillion | $1.32 trillion | -$269.2 billion | -4.4% |
| 1990 | $1.03 trillion | $1.25 trillion | -$221.0 billion | -3.7% |
| 1989 | $991.1 billion | $1.14 trillion | -$152.6 billion | -2.7% |
| 1988 | $909.2 billion | $1.06 trillion | -$155.2 billion | -3.0% |
| 1987 | $854.3 billion | $1.00 trillion | -$149.7 billion | -3.1% |
| 1986 | $769.2 billion | $990.4 billion | -$221.2 billion | -4.9% |
| 1985 | $734.0 billion | $946.3 billion | -$212.3 billion | -5.0% |
| 1984 | $666.4 billion | $851.8 billion | -$185.4 billion | -4.7% |
| 1983 | $600.6 billion | $808.4 billion | -$207.8 billion | -5.9% |
| 1982 | $617.8 billion | $745.7 billion | -$128.0 billion | -3.9% |
| 1981 | $599.3 billion | $678.2 billion | -$79.0 billion | -2.5% |
| 1980 | $517.1 billion | $590.9 billion | -$73.8 billion | -2.6% |
| 1979 | $463.3 billion | $504.0 billion | -$40.7 billion | -1.6% |
| 1978 | $399.6 billion | $458.7 billion | -$59.2 billion | -2.6% |
| 1977 | $355.6 billion | $409.2 billion | -$53.7 billion | -2.7% |
| 1976 | $298.1 billion | $371.8 billion | -$73.7 billion | -4.1% |
| 1975 | $279.1 billion | $332.3 billion | -$53.2 billion | -3.3% |
| 1974 | $263.2 billion | $269.4 billion | -$6.1 billion | -0.4% |
| 1973 | $230.8 billion | $245.7 billion | -$14.9 billion | -1.1% |
| 1972 | $207.3 billion | $230.7 billion | -$23.4 billion | -1.9% |
| 1971 | $187.1 billion | $210.2 billion | -$23.0 billion | -2.1% |
| 1970 | $192.8 billion | $195.6 billion | -$2.8 billion | -0.3% |
| 1969 | $186.9 billion | $183.6 billion | $3.2 billion | +0.3% |
| 1968 | $153.0 billion | $178.1 billion | -$25.2 billion | -2.8% |
| 1967 | $148.8 billion | $157.5 billion | -$8.6 billion | -1.0% |
| 1966 | $130.8 billion | $134.5 billion | -$3.7 billion | -0.5% |
| 1965 | $116.8 billion | $118.2 billion | -$1.4 billion | -0.2% |
| 1964 | $112.6 billion | $118.5 billion | -$5.9 billion | -0.9% |
| 1963 | $106.6 billion | $111.3 billion | -$4.8 billion | -0.8% |
| 1962 | $99.7 billion | $106.8 billion | -$7.1 billion | -1.2% |
| 1961 | $94.4 billion | $97.7 billion | -$3.3 billion | -0.6% |
| 1960 | $92.5 billion | $92.2 billion | $301.0 million | +0.1% |
| 1959 | $79.2 billion | $92.1 billion | -$12.8 billion | -2.5% |
| 1958 | $79.6 billion | $82.4 billion | -$2.8 billion | -0.6% |
| 1957 | $80.0 billion | $76.6 billion | $3.4 billion | +0.7% |
| 1956 | $74.6 billion | $70.6 billion | $3.9 billion | +0.9% |
| 1955 | $65.5 billion | $68.4 billion | -$3.0 billion | -0.7% |
| 1954 | $69.7 billion | $70.9 billion | -$1.2 billion | -0.3% |
| 1953 | $69.6 billion | $76.1 billion | -$6.5 billion | -1.7% |
| 1952 | $66.2 billion | $67.7 billion | -$1.5 billion | -0.4% |
| 1951 | $51.6 billion | $45.5 billion | $6.1 billion | +1.9% |
| 1950 | $39.4 billion | $42.6 billion | -$3.1 billion | -1.1% |
| 1949 | $39.4 billion | $38.8 billion | $580.0 million | +0.2% |
| 1948 | $41.6 billion | $29.8 billion | $11.8 billion | +4.5% |
| 1947 | $38.5 billion | $34.5 billion | $4.0 billion | +1.7% |
| 1946 | $39.3 billion | $55.2 billion | -$15.9 billion | -7.0% |
| 1945 | $45.2 billion | $92.7 billion | -$47.6 billion | -21.0% |
| 1944 | $43.7 billion | $91.3 billion | -$47.6 billion | -22.2% |
| 1943 | $24.0 billion | $78.6 billion | -$54.6 billion | -29.6% |
| 1942 | $14.6 billion | $35.1 billion | -$20.5 billion | -13.9% |
| 1941 | $8.7 billion | $13.7 billion | -$4.9 billion | -4.3% |
| 1940 | $6.5 billion | $9.5 billion | -$2.9 billion | -3.0% |
| 1939 | $6.3 billion | $9.1 billion | -$2.8 billion | -3.1% |
| 1938 | $6.8 billion | $6.8 billion | -$89.0 million | -0.1% |
| 1937 | $5.4 billion | $7.6 billion | -$2.2 billion | -2.5% |
| 1936 | $3.9 billion | $8.2 billion | -$4.3 billion | -5.4% |
| 1935 | $3.6 billion | $6.4 billion | -$2.8 billion | -4.0% |
| 1934 | $3.0 billion | $6.5 billion | -$3.6 billion | -5.8% |
| 1933 | $2.0 billion | $4.6 billion | -$2.6 billion | -4.5% |
| 1932 | $1.9 billion | $4.7 billion | -$2.7 billion | -4.0% |
| 1931 | $3.1 billion | $3.6 billion | -$462.0 million | -0.5% |
| 1930 | $4.1 billion | $3.3 billion | $738.0 million | +0.8% |
Office of Management and Budget, Historical Tables, Tables 1.1 and 1.2 (FY2027 Budget).
By month
August 2026: deficit of $166.8 billion
Monthly surplus (above the line) or deficit (below). April and June often show surpluses because tax payments arrive.
Monthly receipts, outlays and deficit
| Month | Receipts | Outlays | Deficit (-) or surplus (+) |
|---|---|---|---|
| August 2026 | $360.0 billion | $526.8 billion | -$166.8 billion |
| July 2026 | $334.0 billion | $766.3 billion | -$432.3 billion |
| June 2026 | $495.8 billion | $616.1 billion | -$120.3 billion |
| May 2026 | $335.5 billion | $628.2 billion | -$292.6 billion |
| April 2026 | $837.3 billion | $622.3 billion | $215.0 billion |
| March 2026 | $384.9 billion | $549.0 billion | -$164.1 billion |
| February 2026 | $313.1 billion | $620.6 billion | -$307.5 billion |
| January 2026 | $560.1 billion | $654.7 billion | -$94.6 billion |
| December 2025 | $484.4 billion | $629.1 billion | -$144.8 billion |
| November 2025 | $336.0 billion | $509.3 billion | -$173.3 billion |
| October 2025 | $404.4 billion | $688.7 billion | -$284.3 billion |
| September 2025 | $543.7 billion | $345.7 billion | $197.9 billion |
| August 2025 | $344.3 billion | $689.1 billion | -$344.8 billion |
| July 2025 | $338.5 billion | $629.6 billion | -$291.1 billion |
| June 2025 | $526.4 billion | $499.4 billion | $27.0 billion |
| May 2025 | $371.2 billion | $686.9 billion | -$315.7 billion |
| April 2025 | $850.2 billion | $591.8 billion | $258.4 billion |
| March 2025 | $367.6 billion | $528.2 billion | -$160.5 billion |
| February 2025 | $296.4 billion | $603.4 billion | -$307.0 billion |
| January 2025 | $513.3 billion | $641.9 billion | -$128.6 billion |
| December 2024 | $454.4 billion | $541.1 billion | -$86.7 billion |
| November 2024 | $301.8 billion | $668.5 billion | -$366.8 billion |
| October 2024 | $326.8 billion | $584.2 billion | -$257.5 billion |
| September 2024 | $527.0 billion | $446.7 billion | $80.3 billion |
U.S. Treasury, Monthly Treasury Statement, Table 1.
By presidential term
Fiscal years that began during each term, OMB actuals. FY2026, the first fiscal year that began in the current term, is not complete: the deficit through August 2026 was $1.97 trillion (Monthly Treasury Statement).
| President | Fiscal years | Total surplus (+) or deficit (-) | Average % of GDP |
|---|---|---|---|
| Ronald Reagan | FY1982-FY1989 | -$1.41 trillion | -4.2% |
| George H. W. Bush | FY1990-FY1993 | -$1.04 trillion | -4.1% |
| Bill Clinton | FY1994-FY2001 | $62.9 billion | -0.1% |
| George W. Bush | FY2002-FY2009 | -$3.55 trillion | -3.3% |
| Barack Obama | FY2010-FY2017 | -$6.53 trillion | -5.0% |
| Donald Trump (first term) | FY2018-FY2021 | -$7.63 trillion | -8.7% |
| Joe Biden | FY2022-FY2025 | -$6.65 trillion | -6.0% |
Questions and answers
- What was the federal deficit in 2025?
- $1.78 trillion in fiscal year 2025 (October 2024 to September 2025): the government spent $7.01 trillion and collected $5.23 trillion. That was 5.9% of GDP.
- What is the deficit so far in 2026?
- $1.966 trillion in FY2026 through August 2026, against $1.973 trillion in the same months of FY2025.
- When did the US last have a budget surplus?
- Fiscal year 2001, with a surplus of $128.2 billion. Before the four surplus years FY1998-FY2001, the last one was FY1969.
- What was the largest deficit?
- As a share of the economy, FY1943: a deficit of 29.6% of GDP, during the Second World War. Since 1950 the largest was FY2020: $3.10 trillion, 14.5% of GDP.
- What is the difference between the deficit and the debt?
- The deficit is one year's gap between spending and receipts. The national debt is the total of past borrowing.
- How are presidents matched to fiscal years?
- In the table above each fiscal year is counted under the president in office when it began on 1 October, so a new president's first fiscal year starts about nine months after inauguration. Budgets are passed by Congress and deficits also depend on the economy, so this is a way of dating the numbers, not of assigning responsibility.
Related
- Federal revenueby source
- Tariff revenueby month
- Spending as % of GDPsince 1930
- Immigration enforcementby year
- Customs and Border Protectionby year
- Federal Bureau of Prisonsby year
- Disaster reliefby year
- Medical researchby year
Sources and notes
- Office of Management and Budget, Historical Tables 1.1 (receipts, outlays and surpluses or deficits, 1789 onward) and 1.2 (as percentages of GDP, 1930 onward), FY2027 Budget, actual years. Public domain.
- U.S. Treasury, Monthly Treasury Statement, Table 1 (monthly receipts, outlays and deficit), through 2026-08-31; FY2025 headline from the September 2025 statement. Public domain.
- OMB and Treasury totals for the same year can differ slightly because of later revisions.