In October, the federal government ran a deficit of $284.350 billion. In FY2026, deficits totaled $284.350 billion.
This means 41.29 percent of outlays in FY2026 were not paid for by revenues, and for every dollar the federal government received in revenue, it spent $1.70.
In FY2025, total federal deficits were $257.450 billion, which means the total deficit in FY2026 was 10.45 percent higher 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 FY2027, $1.687 trillion in FY2028, and $1.911 trillion in FY2029.
In October, total federal net outlays were $688.721 billion. In FY2026, net outlays were $688.721 billion.
In FY2025, total federal net outlays were $584.221 billion, which means the net outlays total in FY2026 was 17.89 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 FY2027, $7.622 trillion in FY2028, and $8.019 trillion in FY2029.
| Outlay category | Oct 2025 | FY2026 to date | FY2025 to date | FY2025 | Last 12 months |
|---|---|---|---|---|---|
| Medicare |
$150.56B (21.9%) |
$150.56B (21.9%) |
$77.13B (13.2%) |
$996.72B (14.2%) |
$1,070.15B (15.0%) |
| Social Security |
$134.14B (19.5%) |
$134.14B (19.5%) |
$124.88B (21.4%) |
$1,580.69B (22.5%) |
$1,589.94B (22.3%) |
| Income Security and Veterans Benefits |
$111.91B (16.2%) |
$111.91B (16.2%) |
$76.16B (13.0%) |
$1,078.74B (15.4%) |
$1,114.49B (15.7%) |
| Defense |
$95.55B (13.9%) |
$95.55B (13.9%) |
$99.15B (17.0%) |
$868.41B (12.4%) |
$864.81B (12.2%) |
| Net Interest |
$90.87B (13.2%) |
$90.87B (13.2%) |
$80.31B (13.7%) |
$970.66B (13.8%) |
$981.22B (13.8%) |
| Medicaid |
$55.78B (8.1%) |
$55.78B (8.1%) |
$53.14B (9.1%) |
$668.14B (9.5%) |
$670.78B (9.4%) |
| Foreign Aid |
$994.72M (0.1%) |
$994.72M (0.1%) |
$4.78B (0.8%) |
$32.21B (0.5%) |
$28.43B (0.4%) |
| All other outlays |
$48.93B (7.1%) |
$48.93B (7.1%) |
$68.68B (11.8%) |
$814.75B (11.6%) |
$794.99B (11.2%) |
In October, total federal net receipts were $404.371 billion. In FY2026, net receipts were $404.371 billion.
In FY2025, total federal net receipts were $326.770 billion, which means the net receipts total in FY2026 was 23.75 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 FY2027, $5.935 trillion in FY2028, and $6.108 trillion in FY2029.
| Receipt category | Oct 2025 | FY2026 to date | FY2025 to date | FY2025 | Last 12 months |
|---|---|---|---|---|---|
| Individual Income Taxes |
$216.95B (53.7%) |
$216.95B (53.7%) |
$168.03B (51.4%) |
$2,656.04B (50.7%) |
$2,704.96B (50.9%) |
| Social Insurance and Retirement Taxes |
$127.79B (31.6%) |
$127.79B (31.6%) |
$122.29B (37.4%) |
$1,748.29B (33.4%) |
$1,753.80B (33.0%) |
| Customs Duties |
$31.35B (7.8%) |
$31.35B (7.8%) |
$7.30B (2.2%) |
$194.87B (3.7%) |
$218.92B (4.1%) |
| Corporation Income Taxes |
$15.07B (3.7%) |
$15.07B (3.7%) |
$12.87B (3.9%) |
$452.09B (8.6%) |
$454.29B (8.6%) |
| All other receipts |
$13.20B (3.3%) |
$13.20B (3.3%) |
$16.28B (5.0%) |
$183.31B (3.5%) |
$180.24B (3.4%) |
| Date | Time | Release | Data source |
|---|---|---|---|
| Dec 04 | 08:30 AM | Monthly Trade Update, October 2025 | Bureau of Economic Analysis |
| Dec 05 | 10:00 AM | Monthly Debt Update, December 2025 | U.S. Treasury |
| Dec 11 | 10:00 AM | Monthly Fiscal Update, November 2025 | U.S. Treasury |
| Dec 16 | 08:30 AM | Monthly Employment Update, November 2025 | Bureau of Labor Statistics |
| Dec 19 | 08:30 AM | Monthly GDP Update, Q3 2025 Third Estimate | Bureau of Economic Analysis |
| Dec 19 | 10:00 AM | Monthly Expenditures Update, November 2025 | Bureau of Economic Analysis |
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.