In May, the federal government ran a deficit of $316.004 billion. From the beginning of the fiscal year to May, deficits were $1.365 trillion.
This means 28.16 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 $1.39.
In the comparable fiscal year to date in FY2024, total federal deficits were $1.202 trillion, which means the total deficit in the current fiscal year to date period is 13.52 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.
In May, total federal net outlays were $687.233 billion. From the beginning of the fiscal year to May, net outlays were $4.846 trillion.
In the comparable fiscal year to date in FY2024, total federal net outlays were $4.490 trillion, which means the net outlays total in the current fiscal year to date period is 7.93 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 | May 2025 | Fiscal year to date | FY2024 to date | FY2024 | Last 12 months |
|---|---|---|---|---|---|
| Medicare |
$149.04B (21.7%) |
$699.52B (14.4%) |
$607.16B (13.5%) |
$874.13B (13.0%) |
$966.49B (13.6%) |
| Social Security |
$132.43B (19.3%) |
$1,039.78B (21.5%) |
$960.12B (21.4%) |
$1,460.91B (21.7%) |
$1,540.58B (21.7%) |
| Income Security and Veterans Benefits |
$115.03B (16.7%) |
$776.51B (16.0%) |
$696.96B (15.5%) |
$996.44B (14.8%) |
$1,075.98B (15.1%) |
| Net Interest |
$86.01B (12.5%) |
$664.71B (13.7%) |
$601.26B (13.4%) |
$881.65B (13.1%) |
$945.10B (13.3%) |
| Defense |
$72.22B (10.5%) |
$581.66B (12.0%) |
$545.22B (12.1%) |
$826.29B (12.2%) |
$862.73B (12.1%) |
| Medicaid |
$58.23B (8.5%) |
$436.30B (9.0%) |
$408.25B (9.1%) |
$617.52B (9.2%) |
$645.57B (9.1%) |
| Foreign Aid |
$5.13B (0.7%) |
$29.00B (0.6%) |
$32.99B (0.7%) |
$57.25B (0.8%) |
$53.25B (0.7%) |
| All other outlays |
$69.14B (10.1%) |
$618.95B (12.8%) |
$638.20B (14.2%) |
$1,032.28B (15.3%) |
$1,013.04B (14.3%) |
In May, total federal net receipts were $371.229 billion. From the beginning of the fiscal year to May, net receipts were $3.482 trillion.
In the comparable fiscal year to date in FY2024, total federal net receipts were $3.288 trillion, which means the net receipts total in the current fiscal year to date period is 5.89 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 | May 2025 | Fiscal year to date | FY2024 to date | FY2024 | Last 12 months |
|---|---|---|---|---|---|
| Social Insurance and Retirement Taxes |
$148.00B (39.9%) |
$1,166.14B (33.5%) |
$1,127.05B (34.3%) |
$1,709.56B (34.8%) |
$1,748.65B (34.2%) |
| Individual Income Taxes |
$142.33B (38.3%) |
$1,823.17B (52.4%) |
$1,700.85B (51.7%) |
$2,426.07B (49.3%) |
$2,548.39B (49.8%) |
| Corporation Income Taxes |
$42.96B (11.6%) |
$298.19B (8.6%) |
$311.32B (9.5%) |
$529.87B (10.8%) |
$516.74B (10.1%) |
| Customs Duties |
$22.17B (6.0%) |
$81.39B (2.3%) |
$49.28B (1.5%) |
$77.04B (1.6%) |
$109.14B (2.1%) |
| All other receipts |
$15.77B (4.2%) |
$112.81B (3.2%) |
$99.46B (3.0%) |
$176.22B (3.6%) |
$189.57B (3.7%) |
| Date | Time | Release | Data source |
|---|---|---|---|
| Jun 24 | 10:00 AM | State Employment Update, May 2025 | Bureau of Labor Statistics |
| Jun 26 | 08:30 AM | Monthly GDP Update, Q1 2025 Third Estimate | Bureau of Economic Analysis |
| Jun 27 | 08:30 AM | Monthly Expenditures Update, May 2025 | Bureau of Economic Analysis |
| Jul 03 | 08:30 AM | Monthly Employment Update, June 2025 | Bureau of Labor Statistics |
| Jul 03 | 08:30 AM | Monthly Trade Update, May 2025 | Bureau of Economic Analysis |
| Jul 08 | 10:00 AM | Monthly Debt Update, July 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.