WASHINGTON, DC – Today, the Joint Economic Committee released its Monthly Fiscal Update. In July, the federal government ran a deficit of $432.308 billion, the largest monthly deficit since March 2021. From the beginning of the fiscal year to July, deficits were $1.799 trillion. This means 28.62 percent of outlays in FY2026 were not paid for by revenues, and for every dollar the federal government received in revenue, it spent $1.40.

In the comparable fiscal year to date in FY2025, total federal deficits were $1.629 trillion, which means the total deficit in the current fiscal year to date period is 10.46 percent higher than in the same period last fiscal year. In FY2025, deficits were $1.775 trillion. The most recent 10-year budget projection from the CBO forecasts that total deficits will be $1.853 trillion in FY2026, $1.887 trillion in FY2027, and $2.080 trillion in FY2028.

In July, total federal net outlays were $766.318 billion. From the beginning of the fiscal year to July, net outlays were $6.284 trillion. In the comparable fiscal year to date in FY2025, total federal net outlays were $5.975 trillion, which means the net outlays total in the current fiscal year to date period is 5.17 percent higher 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 $7.449 trillion in FY2026, $7.772 trillion in FY2027, and $8.151 trillion in FY2028.

In July, total federal net receipts were $334.010 billion. From the beginning of the fiscal year to July, net receipts were $4.485 trillion. In the comparable fiscal year to date in FY2025, total federal net receipts were $4.347 trillion, which means the net receipts total in the current fiscal year to date period is 3.19 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 receipts will be $5.596 trillion in FY2026, $5.885 trillion in FY2027, and $6.071 trillion in FY2028.

Please see the full Monthly Fiscal Update for greater detail of the nation's receipts, outlays and deficit.

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