In July, the federal government ran a deficit of $432.308 billion. 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.
| Outlay category | Jul 2026 | FY2026 to date | FY2025 to date | FY2025 | Last 12 months |
|---|---|---|---|---|---|
| Medicare |
$174.25B (22.7%) |
$954.52B (15.2%) |
$823.39B (13.8%) |
$996.72B (14.2%) |
$1,127.86B (15.4%) |
| Social Security |
$140.68B (18.4%) |
$1,384.44B (22.0%) |
$1,313.77B (22.0%) |
$1,580.69B (22.5%) |
$1,651.36B (22.6%) |
| Income Security and Veterans Benefits |
$119.28B (15.6%) |
$968.31B (15.4%) |
$918.41B (15.4%) |
$1,078.74B (15.4%) |
$1,128.64B (15.4%) |
| Net Interest |
$104.16B (13.6%) |
$931.36B (14.8%) |
$841.06B (14.1%) |
$970.66B (13.8%) |
$1,060.96B (14.5%) |
| Defense |
$86.05B (11.2%) |
$764.71B (12.2%) |
$718.94B (12.0%) |
$868.41B (12.4%) |
$914.18B (12.5%) |
| Medicaid |
$58.30B (7.6%) |
$598.21B (9.5%) |
$553.50B (9.3%) |
$668.14B (9.5%) |
$712.85B (9.7%) |
| Foreign Aid |
$2.55B (0.3%) |
$27.00B (0.4%) |
$40.44B (0.7%) |
$32.21B (0.5%) |
$18.78B (0.3%) |
| All other outlays |
$81.05B (10.6%) |
$655.58B (10.4%) |
$765.99B (12.8%) |
$814.75B (11.6%) |
$704.34B (9.6%) |
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.
| Receipt category | Jul 2026 | FY2026 to date | FY2025 to date | FY2025 | Last 12 months |
|---|---|---|---|---|---|
| Individual Income Taxes |
$173.27B (51.9%) |
$2,368.96B (52.8%) |
$2,204.49B (50.7%) |
$2,656.04B (50.7%) |
$2,820.51B (52.5%) |
| Social Insurance and Retirement Taxes |
$139.07B (41.6%) |
$1,522.75B (33.9%) |
$1,480.32B (34.1%) |
$1,748.29B (33.4%) |
$1,790.72B (33.3%) |
| Corporation Income Taxes |
$13.57B (4.1%) |
$292.91B (6.5%) |
$387.11B (8.9%) |
$452.09B (8.6%) |
$357.89B (6.7%) |
| Customs Duties |
-$8.55B (-2.6%) |
$154.47B (3.4%) |
$135.69B (3.1%) |
$194.87B (3.7%) |
$213.65B (4.0%) |
| All other receipts |
$16.65B (5.0%) |
$146.22B (3.3%) |
$139.03B (3.2%) |
$183.31B (3.5%) |
$190.50B (3.5%) |
| Date | Time | Release | Data source |
|---|---|---|---|
| Aug 21 | 10:00 AM | State Employment and Unemployment, July 2026 | Bureau of Labor Statistics |
| Aug 26 | 08:30 AM | Monthly Expenditures Update, July 2026 | Bureau of Economic Analysis |
| Aug 26 | 08:30 AM | Monthly GDP Update, Q2 2026 Second Estimate | Bureau of Economic Analysis |
| Sep 03 | 08:30 AM | Monthly Trade Update, July 2026 | Bureau of Economic Analysis |
| Sep 04 | 08:30 AM | Monthly Employment Update, August 2026 | Bureau of Labor Statistics |
| Sep 08 | 10:00 AM | Monthly Debt Update, September 2026 | U.S. Treasury |
| Sep 11 | 08:30 AM | Monthly Inflation Update, August 2026 | Bureau of Labor Statistics |
Source: U.S. Treasury; JEC Republicans calculations
“pp” = percentage points
Discrepancy in change and share figures is possible due to rounding. Values in parentheses in the tables represent the share of the total value of the column.