WASHINGTON, DC – Today, the Joint Economic Committee released its Monthly Fiscal Update. In August, the federal government ran a deficit of $344.792 billion. From the beginning of the fiscal year to August, deficits were $1.974 trillion. This means 29.61 percent of outlays thus far in FY2025 were not paid for by revenues, and for every dollar the federal government received in revenue, it spent $1.42.

In the same time period of FY2024, total federal deficits were $1.892 trillion, which means the total deficit in the current fiscal year to date is 4.32 percent higher than in the same period last fiscal year. In FY2024, deficits were $1.828 trillion. 

In August, total federal net outlays were $689.107 billion. From the beginning of the fiscal year to August, net spending was $6.665 trillion. In the comparable fiscal year to date in FY2024, total federal net outlays were $6.283 trillion, which means the spending total in the current fiscal year to date is 6.07 percent higher than in the same period last fiscal year. Medicare and Social Security accounted for almost 40 percent of spending in August, and more than 36 percent to date this fiscal year. During the same period, more than 15 percent of spending went to income security and veterans benefits.

In August, total federal net receipts were $344.315 billion. From the beginning of the fiscal year to August, net receipts were $4.691 trillion. In the comparable fiscal year to date in FY2024, total federal net receipts were $4.391 trillion, which means the net income in the current fiscal year to date is 6.83 percent higher than in the same period last fiscal year. Fiscal year to date, he bulk of U.S. receipts were from individual income taxes (roughly 50 percent) and Social Security income and retirement taxes (more than 34 percent). 

For the full update, with greater detail of the nation's receipts, outlays and deficit, visit: https://www.jec.senate.gov/public/index.cfm/republicans/fiscal-update

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Upcoming Releases Available on the JEC Republican Website

Date	Time	Release	Data source
Sep 19	10:00 AM	State Employment Update, August 2025	Bureau of Labor Statistics
Sep 25	08:30 AM	Monthly GDP Update, Q2 2025 Third Estimate	Bureau of Economic Analysis
Sep 26	08:30 AM	Monthly Expenditures Update, August 2025	Bureau of Economic Analysis
Oct 03	08:30 AM	Monthly Employment Update, September 2025	Bureau of Labor Statistics
Oct 07	10:00 AM	Monthly Debt Update, October 2025	U.S. Treasury
Oct 07	08:30 AM	Monthly Trade Update, August 2025	Bureau of Economic Analysis
Oct 13	10:00 AM	Monthly Fiscal Update, September 2025	U.S. Treasury