In June, the federal government ran a surplus of $27.010 billion. From the beginning of the fiscal year to June, deficits were $1.338 trillion.
This means 25.02 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 $1.33.
In the comparable fiscal year to date in FY2024, total federal deficits were $1.268 trillion, which means the total deficit in the current fiscal year to date period is 5.48 percent higher than in the same period last fiscal year.
In FY2024, deficits were $1.828 trillion.
The most recent 10-year budget projection from the CBO forecasts that total deficits will be $1.865 trillion in FY2025, $1.713 trillion in FY2026, and $1.687 trillion in FY2027.
In June, total federal net outlays were $499.435 billion. From the beginning of the fiscal year to June, net outlays were $5.346 trillion.
In the comparable fiscal year to date in FY2024, total federal net outlays were $5.022 trillion, which means the net outlays total in the current fiscal year to date period is 6.44 percent higher than in the same period last fiscal year.
In FY2024, net outlays were $6.746 trillion.
The most recent 10-year budget projection from the CBO forecasts that total net outlays will be $7.028 trillion in FY2025, $7.294 trillion in FY2026, and $7.622 trillion in FY2027.
| Outlay category | Jun 2025 | Fiscal year to date | FY2024 to date | FY2024 | Last 12 months |
|---|---|---|---|---|---|
| Social Security |
$141.24B (28.3%) |
$1,181.02B (22.1%) |
$1,089.39B (21.7%) |
$1,460.91B (21.7%) |
$1,552.54B (22.0%) |
| Net Interest |
$84.34B (16.9%) |
$749.05B (14.0%) |
$682.39B (13.6%) |
$881.65B (13.1%) |
$948.31B (13.4%) |
| Defense |
$65.76B (13.2%) |
$647.42B (12.1%) |
$608.58B (12.1%) |
$826.29B (12.2%) |
$865.12B (12.2%) |
| Income Security and Veterans Benefits |
$56.08B (11.2%) |
$832.59B (15.6%) |
$743.26B (14.8%) |
$996.44B (14.8%) |
$1,085.77B (15.4%) |
| Medicaid |
$55.08B (11.0%) |
$491.38B (9.2%) |
$459.86B (9.2%) |
$617.52B (9.2%) |
$649.04B (9.2%) |
| Medicare |
$23.86B (4.8%) |
$723.37B (13.5%) |
$628.87B (12.5%) |
$874.13B (13.0%) |
$968.63B (13.7%) |
| Foreign Aid |
$6.27B (1.3%) |
$35.26B (0.7%) |
$36.66B (0.7%) |
$57.25B (0.8%) |
$55.85B (0.8%) |
| All other outlays |
$66.81B (13.4%) |
$685.76B (12.8%) |
$773.36B (15.4%) |
$1,032.28B (15.3%) |
$944.69B (13.4%) |
In June, total federal net receipts were $526.445 billion. From the beginning of the fiscal year to June, net receipts were $4.008 trillion.
In the comparable fiscal year to date in FY2024, total federal net receipts were $3.754 trillion, which means the net receipts total in the current fiscal year to date period is 6.76 percent higher than in the same period last fiscal year.
In FY2024, net receipts were $4.919 trillion.
The most recent 10-year budget projection from the CBO forecasts that total net receipts will be $5.163 trillion in FY2025, $5.580 trillion in FY2026, and $5.935 trillion in FY2027.
| Receipt category | Jun 2025 | Fiscal year to date | FY2024 to date | FY2024 | Last 12 months |
|---|---|---|---|---|---|
| Individual Income Taxes |
$236.17B (44.9%) |
$2,059.34B (51.4%) |
$1,885.76B (50.2%) |
$2,426.07B (49.3%) |
$2,599.65B (50.3%) |
| Social Insurance and Retirement Taxes |
$183.16B (34.8%) |
$1,349.30B (33.7%) |
$1,308.54B (34.9%) |
$1,709.56B (34.8%) |
$1,750.32B (33.8%) |
| Corporation Income Taxes |
$68.09B (12.9%) |
$366.27B (9.1%) |
$392.67B (10.5%) |
$529.87B (10.8%) |
$503.47B (9.7%) |
| Customs Duties |
$26.63B (5.1%) |
$108.02B (2.7%) |
$55.61B (1.5%) |
$77.04B (1.6%) |
$129.45B (2.5%) |
| All other receipts |
$12.40B (2.4%) |
$125.21B (3.1%) |
$111.64B (3.0%) |
$176.22B (3.6%) |
$189.79B (3.7%) |
| Date | Time | Release | Data source |
|---|---|---|---|
| Jul 15 | 08:30 AM | Monthly Inflation Update, June 2025 | Bureau of Labor Statistics |
| Jul 18 | 10:00 AM | State Employment Update, June 2025 | Bureau of Labor Statistics |
| Jul 30 | 08:30 AM | Monthly GDP Update, Q2 2025 Advance Estimate | Bureau of Economic Analysis |
| Jul 31 | 08:30 AM | Monthly Expenditures Update, June 2025 | Bureau of Economic Analysis |
| Aug 01 | 08:30 AM | Monthly Employment Update, July 2025 | Bureau of Labor Statistics |
| Aug 05 | 08:30 AM | Monthly Trade Update, June 2025 | Bureau of Economic Analysis |
| Aug 07 | 10:00 AM | Monthly Debt Update, August 2025 | U.S. Treasury |
| Aug 12 | 08:30 AM | Monthly Inflation Update, July 2025 | Bureau of Labor Statistics |
| Aug 13 | 10:00 AM | Monthly Fiscal Update, July 2025 | U.S. Treasury |
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.