In March, the federal government ran a deficit of $164.100 billion. From the beginning of the fiscal year to March, deficits were $1.169 trillion.
This means 32.01 percent of outlays in FY2026 were not paid for by revenues, and for every dollar the federal government received in revenue, it spent $1.47.
In the comparable fiscal year to date in FY2025, total federal deficits were $1.307 trillion, which means the total deficit in the current fiscal year to date period is 10.60 percent lower than in the same period last fiscal year.
In FY2025, deficits were $1.776 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 March, total federal net outlays were $548.963 billion. From the beginning of the fiscal year to March, net outlays were $3.651 trillion.
In the comparable fiscal year to date in FY2025, total federal net outlays were $3.567 trillion, which means the net outlays total in the current fiscal year to date period is 2.35 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 | Mar 2026 | FY2026 to date | FY2025 to date | FY2025 | Last 12 months |
|---|---|---|---|---|---|
| Social Security |
$139.14B (25.3%) |
$817.57B (22.4%) |
$775.26B (21.7%) |
$1,580.69B (22.5%) |
$1,622.99B (22.9%) |
| Net Interest |
$94.34B (17.2%) |
$519.19B (14.2%) |
$489.32B (13.7%) |
$970.66B (13.8%) |
$1,000.53B (14.1%) |
| Income Security and Veterans Benefits |
$74.04B (13.5%) |
$578.70B (15.8%) |
$568.67B (15.9%) |
$1,078.74B (15.4%) |
$1,088.77B (15.3%) |
| Medicaid |
$67.83B (12.4%) |
$353.03B (9.7%) |
$319.95B (9.0%) |
$668.14B (9.5%) |
$701.21B (9.9%) |
| Defense |
$65.10B (11.9%) |
$458.43B (12.6%) |
$443.06B (12.4%) |
$868.41B (12.4%) |
$883.78B (12.5%) |
| Medicare |
$23.97B (4.4%) |
$502.23B (13.8%) |
$468.62B (13.1%) |
$996.72B (14.2%) |
$1,030.32B (14.5%) |
| Foreign Aid |
$3.68B (0.7%) |
$15.10B (0.4%) |
$21.13B (0.6%) |
$32.21B (0.5%) |
$26.19B (0.4%) |
| All other outlays |
$80.88B (14.7%) |
$407.03B (11.1%) |
$481.41B (13.5%) |
$814.75B (11.6%) |
$740.37B (10.4%) |
In March, total federal net receipts were $384.863 billion. From the beginning of the fiscal year to March, net receipts were $2.483 trillion.
In the comparable fiscal year to date in FY2025, total federal net receipts were $2.260 trillion, which means the net receipts total in the current fiscal year to date period is 9.84 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 deficits will be $5.596 trillion in FY2026, $5.885 trillion in FY2027, and $6.071 trillion in FY2028.
| Receipt category | Mar 2026 | FY2026 to date | FY2025 to date | FY2025 | Last 12 months |
|---|---|---|---|---|---|
| Individual Income Taxes |
$188.50B (49.0%) |
$1,245.44B (50.2%) |
$1,143.81B (50.6%) |
$2,656.04B (50.7%) |
$2,757.67B (50.5%) |
| Social Insurance and Retirement Taxes |
$151.72B (39.4%) |
$874.65B (35.2%) |
$833.73B (36.9%) |
$1,748.29B (33.4%) |
$1,789.21B (32.8%) |
| Customs Duties |
$22.15B (5.8%) |
$166.49B (6.7%) |
$43.58B (1.9%) |
$194.87B (3.7%) |
$317.78B (5.8%) |
| Corporation Income Taxes |
$6.86B (1.8%) |
$116.05B (4.7%) |
$161.60B (7.1%) |
$452.09B (8.6%) |
$406.54B (7.4%) |
| All other receipts |
$15.63B (4.1%) |
$80.04B (3.2%) |
$77.57B (3.4%) |
$183.31B (3.5%) |
$185.79B (3.4%) |
| Date | Time | Release | Data source |
|---|---|---|---|
| Apr 22 | 10:00 AM | State Employment and Unemployment, February 2026 | Bureau of Labor Statistics |
| Apr 30 | 08:30 AM | Monthly Expenditures Update, March 2026 | Bureau of Economic Analysis |
| Apr 30 | 08:30 AM | Monthly GDP Update, Q1 2026 Advance Estimate | Bureau of Economic Analysis |
| May 05 | 08:30 AM | Monthly Trade Update, March 2026 | Bureau of Economic Analysis |
| May 06 | 10:00 AM | State Employment and Unemployment, March 2026 | Bureau of Labor Statistics |
| May 07 | 10:00 AM | Monthly Debt Update, May 2026 | U.S. Treasury |
| May 08 | 08:30 AM | Monthly Employment Update, April 2026 | Bureau of Labor Statistics |
| May 12 | 08:30 AM | Monthly Inflation Update, April 2026 | Bureau of Labor Statistics |
| May 12 | 10:00 AM | Monthly Fiscal Update, February 2026 | U.S. Treasury |
| May 13 | 10:00 AM | Monthly Fiscal Update, April 2026 | 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.