WASHINGTON, DC – Today, the Joint Economic Committee released its Monthly Fiscal Update. In November, the federal government ran a deficit of $173.277 billion. From the beginning of the fiscal year to November, deficits were $457.627 billion. This means 38.20 percent of outlays in FY2026 were not paid for by revenues, and for every dollar the federal government received in revenue, it spent $1.62.

In the comparable fiscal year to date in FY2025, total federal deficits were $624.213 billion, which means the total deficit in the current fiscal year to date period is 26.69 percent lower than in the same period last fiscal year. In FY2025, deficits were $1.776 trillion. The most recent 10-year budget projection from the CBO forecasts that total deficits will be $1.713 trillion in FY2026, $1.687 trillion in FY2027, and $1.911 trillion in FY2028.

In November, total federal net outlays were $509.278 billion. From the beginning of the fiscal year to November, net outlays were $1.198 trillion. In the comparable fiscal year to date in FY2025, total federal net outlays were $1.253 trillion, which means the net outlays total in the current fiscal year to date period is 4.37 percent lower than in the same period last fiscal year. In FY2025, net outlays were $7.010 trillion. The most recent 10-year budget projection from the CBO forecasts that total net outlays will be $7.294 trillion in FY2026, $7.622 trillion in FY2027, and $8.019 trillion in FY2028.

In November, total federal net receipts were $336.001 billion. From the beginning of the fiscal year to November, net receipts were $740.373 billion. In the comparable fiscal year to date in FY2025, total federal net receipts were $628.525 billion, which means the net receipts total in the current fiscal year to date period is 17.80 percent higher than in the same period last fiscal year. In FY2025, net receipts were $5.235 trillion. The most recent 10-year budget projection from the CBO forecasts that total net receipts will be $5.580 trillion in FY2026, $5.935 trillion in FY2027, and $6.108 trillion in FY2028.

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Please see the full Monthly Fiscal Update for greater detail of the nation's receipts, outlays and deficit.
Please see our Daily Debt Update for more information on the growing national debt.