Released April 11, 2025
In March, total federal net outlays were $528.165 billion. From the beginning of the fiscal year to March, net outlays were $3.567 trillion.
In the comparable fiscal year to date in FY2024, total federal net outlays were $3.253 trillion, which means the net outlays total in the current fiscal year to date period is 9.68 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 | Mar 2025 | Last 12 months | Fiscal year to date | FY2024 to date | FY2024 |
|---|---|---|---|---|---|
| Social Security |
$144.58B (27.4%) |
$1,521.33B (21.5%) |
$775.26B (21.7%) |
$714.84B (22.0%) |
$1,460.91B (21.7%) |
| Net Interest |
$92.87B (17.6%) |
$941.54B (13.3%) |
$489.32B (13.7%) |
$429.42B (13.2%) |
$881.65B (13.1%) |
| Income Security and Veterans Benefits |
$75.64B (14.3%) |
$1,057.88B (15.0%) |
$568.67B (15.9%) |
$507.23B (15.6%) |
$996.44B (14.8%) |
| Defense |
$63.49B (12.0%) |
$858.96B (12.2%) |
$443.06B (12.4%) |
$410.39B (12.6%) |
$826.29B (12.2%) |
| Medicaid |
$56.65B (10.7%) |
$633.03B (9.0%) |
$319.95B (9.0%) |
$304.44B (9.4%) |
$617.52B (9.2%) |
| Medicare |
$25.90B (4.9%) |
$952.15B (13.5%) |
$468.62B (13.1%) |
$390.60B (12.0%) |
$874.13B (13.0%) |
| Foreign Aid |
$4.11B (0.8%) |
$55.67B (0.8%) |
$21.13B (0.6%) |
$22.71B (0.7%) |
$57.25B (0.8%) |
| All other outlays |
$64.92B (12.3%) |
$1,040.62B (14.7%) |
$481.41B (13.5%) |
$473.08B (14.5%) |
$1,032.28B (15.3%) |
In March, total federal net receipts were $367.635 billion. From the beginning of the fiscal year to March, net receipts were $2.260 trillion.
In the comparable fiscal year to date in FY2024, total federal net receipts were $2.188 trillion, which means the net receipts total in the current fiscal year to date period is 3.30 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 | Mar 2025 | Last 12 months | Fiscal year to date | FY2024 to date | FY2024 |
|---|---|---|---|---|---|
| Individual Income Taxes |
$185.10B (50.3%) |
$2,480.58B (49.7%) |
$1,143.81B (50.6%) |
$1,089.30B (49.8%) |
$2,426.07B (49.3%) |
| Social Insurance and Retirement Taxes |
$145.75B (39.6%) |
$1,740.83B (34.9%) |
$833.73B (36.9%) |
$802.46B (36.7%) |
$1,709.56B (34.8%) |
| Corporation Income Taxes |
$17.82B (4.8%) |
$502.19B (10.1%) |
$161.60B (7.1%) |
$189.28B (8.7%) |
$529.87B (10.8%) |
| Customs Duties |
$8.17B (2.2%) |
$82.92B (1.7%) |
$43.58B (1.9%) |
$37.69B (1.7%) |
$77.04B (1.6%) |
| All other receipts |
$10.81B (2.9%) |
$184.41B (3.7%) |
$77.57B (3.4%) |
$69.38B (3.2%) |
$176.22B (3.6%) |
In March, the federal government ran a deficit of $160.530 billion. From the beginning of the fiscal year to March, deficits were $1.307 trillion.
This means 36.64 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 $1.58.
In the comparable fiscal year to date in FY2024, total federal deficits were $1.065 trillion, which means the total deficits in the current fiscal year to date period is 22.78 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 |
|---|---|---|---|
| Apr 18 | 10:00 AM | State Employment Update, March 2025 | Bureau of Labor Statistics |
| Apr 30 | 08:30 AM | Monthly GDP Update, Q1 2025 Advance Estimate | Bureau of Economic Analysis |
| Apr 30 | 10:00 AM | Monthly Expenditures Update, March 2025 | Bureau of Economic Analysis |
| May 02 | 08:30 AM | Monthly Employment Update, April 2025 | Bureau of Labor Statistics |
| May 06 | 08:30 AM | Monthly Trade Update, March 2025 | Bureau of Economic Analysis |
| May 07 | 10:00 AM | Monthly Debt 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.