In July, the federal government ran a deficit of $291.143 billion. From the beginning of the fiscal year to July, deficits were $1.629 trillion.
This means 27.26 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 $1.37.
In the comparable fiscal year to date in FY2024, total federal deficits were $1.512 trillion, which means the total deficit in the current fiscal year to date period is 7.74 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 July, total federal net outlays were $629.635 billion. From the beginning of the fiscal year to July, net outlays were $5.975 trillion.
In the comparable fiscal year to date in FY2024, total federal net outlays were $5.596 trillion, which means the net outlays total in the current fiscal year to date period is 6.77 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 | Jul 2025 | Fiscal year to date | FY2024 to date | FY2024 | Last 12 months |
|---|---|---|---|---|---|
| Social Security |
$132.75B (21.1%) |
$1,313.77B (22.0%) |
$1,212.64B (21.7%) |
$1,460.91B (21.7%) |
$1,562.04B (21.9%) |
| Medicare |
$100.01B (15.9%) |
$823.39B (13.8%) |
$721.11B (12.9%) |
$874.13B (13.0%) |
$976.41B (13.7%) |
| Net Interest |
$92.01B (14.6%) |
$841.06B (14.1%) |
$763.20B (13.6%) |
$881.65B (13.1%) |
$959.51B (13.5%) |
| Income Security and Veterans Benefits |
$85.82B (13.6%) |
$918.41B (15.4%) |
$830.68B (14.8%) |
$996.44B (14.8%) |
$1,084.17B (15.2%) |
| Defense |
$71.53B (11.4%) |
$718.94B (12.0%) |
$675.23B (12.1%) |
$826.29B (12.2%) |
$870.01B (12.2%) |
| Medicaid |
$62.12B (9.9%) |
$553.50B (9.3%) |
$506.56B (9.1%) |
$617.52B (9.2%) |
$664.46B (9.3%) |
| Foreign Aid |
$5.17B (0.8%) |
$40.44B (0.7%) |
$44.20B (0.8%) |
$57.25B (0.8%) |
$53.49B (0.8%) |
| All other outlays |
$80.23B (12.7%) |
$765.99B (12.8%) |
$842.89B (15.1%) |
$1,032.28B (15.3%) |
$955.39B (13.4%) |
In July, total federal net receipts were $338.492 billion. From the beginning of the fiscal year to July, net receipts were $4.347 trillion.
In the comparable fiscal year to date in FY2024, total federal net receipts were $4.085 trillion, which means the net receipts total in the current fiscal year to date period is 6.42 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 | Jul 2025 | Fiscal year to date | FY2024 to date | FY2024 | Last 12 months |
|---|---|---|---|---|---|
| Individual Income Taxes |
$145.15B (42.9%) |
$2,204.49B (50.7%) |
$2,039.36B (49.9%) |
$2,426.07B (49.3%) |
$2,591.19B (50.0%) |
| Social Insurance and Retirement Taxes |
$131.02B (38.7%) |
$1,480.32B (34.1%) |
$1,436.31B (35.2%) |
$1,709.56B (34.8%) |
$1,753.56B (33.8%) |
| Customs Duties |
$27.67B (8.2%) |
$135.69B (3.1%) |
$62.74B (1.5%) |
$77.04B (1.6%) |
$149.98B (2.9%) |
| Corporation Income Taxes |
$20.83B (6.2%) |
$387.11B (8.9%) |
$412.50B (10.1%) |
$529.87B (10.8%) |
$504.47B (9.7%) |
| All other receipts |
$13.82B (4.1%) |
$139.03B (3.2%) |
$133.67B (3.3%) |
$176.22B (3.6%) |
$181.58B (3.5%) |
| Date | Time | Release | Data source |
|---|---|---|---|
| Aug 19 | 10:00 AM | State Employment Update, July 2025 | Bureau of Labor Statistics |
| Aug 28 | 08:30 AM | Monthly GDP Update, Q2 2025 Second Estimate | Bureau of Economic Analysis |
| Aug 29 | 08:30 AM | Monthly Expenditures Update, July 2025 | Bureau of Economic Analysis |
| Sep 04 | 08:30 AM | Monthly Trade Update, July 2025 | Bureau of Economic Analysis |
| Sep 05 | 08:30 AM | Monthly Employment Update, August 2025 | Bureau of Labor Statistics |
| Sep 08 | 10:00 AM | Monthly Debt Update, September 2025 | U.S. Treasury |
| Sep 11 | 08:30 AM | Monthly Inflation Update, August 2025 | Bureau of Labor Statistics |
| Sep 12 | 10:00 AM | Monthly Fiscal Update, August 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.