Released May 13, 2025
In April, total federal net outlays were $591.769 billion. From the beginning of the fiscal year to April, net outlays were $4.159 trillion.
In the comparable fiscal year to date in FY2024, total federal net outlays were $3.819 trillion, which means the net outlays total in the current fiscal year to date period is 8.90 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 | Apr 2025 | Fiscal year to date | FY2024 to date | FY2024 | Last 12 months |
|---|---|---|---|---|---|
| Social Security |
$132.09B (22.3%) |
$907.35B (21.8%) |
$837.32B (21.9%) |
$1,460.91B (21.7%) |
$1,530.95B (21.6%) |
| Income Security and Veterans Benefits |
$92.81B (15.7%) |
$661.48B (15.9%) |
$598.27B (15.7%) |
$996.44B (14.8%) |
$1,059.65B (15.0%) |
| Net Interest |
$89.38B (15.1%) |
$578.69B (13.9%) |
$514.16B (13.5%) |
$881.65B (13.1%) |
$946.18B (13.4%) |
| Medicare |
$81.86B (13.8%) |
$550.48B (13.2%) |
$464.88B (12.2%) |
$874.13B (13.0%) |
$959.74B (13.5%) |
| Defense |
$66.37B (11.2%) |
$509.44B (12.2%) |
$470.95B (12.3%) |
$826.29B (12.2%) |
$864.78B (12.2%) |
| Medicaid |
$58.12B (9.8%) |
$378.07B (9.1%) |
$355.46B (9.3%) |
$617.52B (9.2%) |
$640.12B (9.0%) |
| Foreign Aid |
$2.74B (0.5%) |
$23.87B (0.6%) |
$27.86B (0.7%) |
$57.25B (0.8%) |
$53.26B (0.8%) |
| All other outlays |
$68.40B (11.6%) |
$549.81B (13.2%) |
$550.48B (14.4%) |
$1,032.28B (15.3%) |
$1,031.61B (14.6%) |
In April, total federal net receipts were $850.169 billion. From the beginning of the fiscal year to April, net receipts were $3.110 trillion.
In the comparable fiscal year to date in FY2024, total federal net receipts were $2.964 trillion, which means the net receipts total in the current fiscal year to date period is 4.93 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 | Apr 2025 | Fiscal year to date | FY2024 to date | FY2024 | Last 12 months |
|---|---|---|---|---|---|
| Individual Income Taxes |
$537.03B (63.2%) |
$1,680.85B (54.0%) |
$1,571.23B (53.0%) |
$2,426.07B (49.3%) |
$2,535.68B (50.1%) |
| Social Insurance and Retirement Taxes |
$184.40B (21.7%) |
$1,018.13B (32.7%) |
$983.73B (33.2%) |
$1,709.56B (34.8%) |
$1,743.97B (34.4%) |
| Corporation Income Taxes |
$93.63B (11.0%) |
$255.23B (8.2%) |
$281.18B (9.5%) |
$529.87B (10.8%) |
$503.91B (9.9%) |
| Customs Duties |
$15.63B (1.8%) |
$59.21B (1.9%) |
$44.06B (1.5%) |
$77.04B (1.6%) |
$92.19B (1.8%) |
| All other receipts |
$19.47B (2.3%) |
$97.04B (3.1%) |
$84.11B (2.8%) |
$176.22B (3.6%) |
$189.14B (3.7%) |
In April, the federal government ran a surplus of $258.400 billion. From the beginning of the fiscal year to April, deficits were $1.049 trillion.
This means 25.21 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 $1.34.
In the comparable fiscal year to date in FY2024, total federal deficits were $855.073 billion, which means the total deficits in the current fiscal year to date period is 22.65 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.
| Date | Time | Release | Data source |
|---|---|---|---|
| May 21 | 10:00 AM | State Employment Update, April 2025 | Bureau of Labor Statistics |
| May 29 | 08:30 AM | Monthly GDP Update, Q1 2025 Second Estimate | Bureau of Economic Analysis |
| May 30 | 08:30 AM | Monthly Expenditures Update, April 2025 | Bureau of Economic Analysis |
| Jun 05 | 08:30 AM | Monthly Trade Update, April 2025 | Bureau of Economic Analysis |
| Jun 06 | 08:30 AM | Monthly Employment Update, May 2025 | Bureau of Labor Statistics |
| Jun 06 | 10:00 AM | Monthly Debt Update, June 2025 | U.S. Treasury |
| Jun 11 | 08:30 AM | Monthly Inflation Update, May 2025 | Bureau of Labor Statistics |
| Jun 12 | 10:00 AM | Monthly Fiscal Update, May 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.