In September, the federal government ran a surplus of $197.950 billion. In FY2025, deficits totaled $1.776 trillion.
This means 25.33 percent of outlays in FY2025 were not paid for by revenues, and for every dollar the federal government received in revenue, it spent $1.34.
In FY2024, total federal deficits were $1.828 trillion, which means the total deficit in FY2025 was 2.85 percent lower than in the previous fiscal year.
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 September, total federal net outlays were $345.713 billion. In FY2025, net outlays were $7.010 trillion.
In FY2024, total federal net outlays were $6.746 trillion, which means the net outlays total in FY2025 was 3.91 percent higher than in the previous fiscal year.
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.
| Outlay category | Sep 2025 | FY2025 to date | FY2024 to date | FY2024 | Last 12 months |
|---|---|---|---|---|---|
| Social Security |
$133.36B (38.6%) |
$1,580.69B (22.5%) |
$1,460.91B (21.7%) |
$1,460.91B (21.7%) |
$1,580.69B (22.5%) |
| Defense |
$71.45B (20.7%) |
$868.41B (12.4%) |
$826.29B (12.2%) |
$826.29B (12.2%) |
$868.41B (12.4%) |
| Medicaid |
$60.37B (17.5%) |
$668.14B (9.5%) |
$617.52B (9.2%) |
$617.52B (9.2%) |
$668.14B (9.5%) |
| Income Security and Veterans Benefits |
$50.97B (14.7%) |
$1,078.74B (15.4%) |
$996.44B (14.8%) |
$996.44B (14.8%) |
$1,078.74B (15.4%) |
| Net Interest |
$36.90B (10.7%) |
$970.66B (13.8%) |
$881.65B (13.1%) |
$881.65B (13.1%) |
$970.66B (13.8%) |
| Medicare |
$31.96B (9.2%) |
$996.72B (14.2%) |
$874.13B (13.0%) |
$874.13B (13.0%) |
$996.72B (14.2%) |
| Foreign Aid |
-$1.15B (-0.3%) |
$32.21B (0.5%) |
$57.25B (0.8%) |
$57.25B (0.8%) |
$32.21B (0.5%) |
| All other outlays |
-$38.16B (-11.0%) |
$814.75B (11.6%) |
$1,032.28B (15.3%) |
$1,032.28B (15.3%) |
$814.75B (11.6%) |
In September, total federal net receipts were $543.663 billion. In FY2025, net receipts were $5.235 trillion.
In FY2024, total federal net receipts were $4.919 trillion, which means the net receipts total in FY2025 was 6.42 percent higher than in the previous fiscal year.
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.
| Receipt category | Sep 2025 | FY2025 to date | FY2024 to date | FY2024 | Last 12 months |
|---|---|---|---|---|---|
| Individual Income Taxes |
$298.41B (54.9%) |
$2,656.04B (50.7%) |
$2,426.07B (49.3%) |
$2,426.07B (49.3%) |
$2,656.04B (50.7%) |
| Social Insurance and Retirement Taxes |
$133.94B (24.6%) |
$1,748.29B (33.4%) |
$1,709.56B (34.8%) |
$1,709.56B (34.8%) |
$1,748.29B (33.4%) |
| Corporation Income Taxes |
$62.48B (11.5%) |
$452.09B (8.6%) |
$529.87B (10.8%) |
$529.87B (10.8%) |
$452.09B (8.6%) |
| Customs Duties |
$29.67B (5.5%) |
$194.87B (3.7%) |
$77.04B (1.6%) |
$77.04B (1.6%) |
$194.87B (3.7%) |
| All other receipts |
$19.16B (3.5%) |
$183.31B (3.5%) |
$176.22B (3.6%) |
$176.22B (3.6%) |
$183.31B (3.5%) |
| Date | Time | Release | Data source |
|---|---|---|---|
| Oct 21 | 10:00 AM | State Employment Update, September 2025 | Bureau of Labor Statistics |
| Oct 30 | 08:30 AM | Monthly GDP Update, Q3 2025 Advance Estimate | Bureau of Economic Analysis |
| Oct 31 | 08:30 AM | Monthly Expenditures Update, September 2025 | Bureau of Economic Analysis |
| Nov 04 | 08:30 AM | Monthly Trade Update, September 2025 | Bureau of Economic Analysis |
| Nov 07 | 08:30 AM | Monthly Employment Update, October 2025 | Bureau of Labor Statistics |
| Nov 07 | 10:00 AM | Monthly Debt Update, November 2025 | U.S. Treasury |
| Nov 13 | 08:30 AM | Monthly Inflation Update, October 2025 | Bureau of Labor Statistics |
| Nov 13 | 10:00 AM | Monthly Fiscal Update, October 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.