In February, the federal government ran a deficit of $307.501 billion. From the beginning of the fiscal year to February, deficits were $1.004 trillion.
This means 32.38 percent of outlays in FY2026 were not paid for by revenues, and for every dollar the federal government received in revenue, it spent $1.48.
In the comparable fiscal year to date in FY2025, total federal deficits were $1.147 trillion, which means the total deficit in the current fiscal year to date period is 12.39 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 February, total federal net outlays were $620.623 billion. From the beginning of the fiscal year to February, net outlays were $3.102 trillion.
In the comparable fiscal year to date in FY2025, total federal net outlays were $3.039 trillion, which means the net outlays total in the current fiscal year to date period is 2.07 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 | Feb 2026 | FY2026 to date | FY2025 to date | FY2025 | Last 12 months |
|---|---|---|---|---|---|
| Income Security and Veterans Benefits |
$139.03B (22.4%) |
$504.66B (16.3%) |
$493.03B (16.2%) |
$1,078.74B (15.4%) |
$1,090.37B (15.4%) |
| Social Security |
$138.37B (22.3%) |
$678.43B (21.9%) |
$630.68B (20.8%) |
$1,580.69B (22.5%) |
$1,628.44B (23.0%) |
| Net Interest |
$78.64B (12.7%) |
$424.85B (13.7%) |
$396.44B (13.0%) |
$970.66B (13.8%) |
$999.07B (14.1%) |
| Medicare |
$75.28B (12.1%) |
$478.26B (15.4%) |
$442.72B (14.6%) |
$996.72B (14.2%) |
$1,032.26B (14.6%) |
| Defense |
$66.87B (10.8%) |
$393.33B (12.7%) |
$379.57B (12.5%) |
$868.41B (12.4%) |
$882.16B (12.5%) |
| Medicaid |
$57.14B (9.2%) |
$285.20B (9.2%) |
$263.31B (8.7%) |
$668.14B (9.5%) |
$690.03B (9.8%) |
| Foreign Aid |
$4.58B (0.7%) |
$11.43B (0.4%) |
$17.02B (0.6%) |
$32.21B (0.5%) |
$26.62B (0.4%) |
| All other outlays |
$60.71B (9.8%) |
$326.15B (10.5%) |
$416.49B (13.7%) |
$814.75B (11.6%) |
$724.41B (10.2%) |
In February, total federal net receipts were $313.122 billion. From the beginning of the fiscal year to February, net receipts were $2.098 trillion.
In the comparable fiscal year to date in FY2025, total federal net receipts were $1.893 trillion, which means the net receipts total in the current fiscal year to date period is 10.84 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 | Feb 2026 | FY2026 to date | FY2025 to date | FY2025 | Last 12 months |
|---|---|---|---|---|---|
| Social Insurance and Retirement Taxes |
$144.38B (46.1%) |
$722.92B (34.5%) |
$687.98B (36.4%) |
$1,748.29B (33.4%) |
$1,783.23B (32.8%) |
| Individual Income Taxes |
$133.39B (42.6%) |
$1,056.94B (50.4%) |
$958.71B (50.7%) |
$2,656.04B (50.7%) |
$2,754.27B (50.6%) |
| Customs Duties |
$26.59B (8.5%) |
$144.34B (6.9%) |
$35.41B (1.9%) |
$194.87B (3.7%) |
$303.79B (5.6%) |
| Corporation Income Taxes |
-$3.19B (-1.0%) |
$109.19B (5.2%) |
$143.78B (7.6%) |
$452.09B (8.6%) |
$417.50B (7.7%) |
| All other receipts |
$11.95B (3.8%) |
$64.42B (3.1%) |
$66.76B (3.5%) |
$183.31B (3.5%) |
$180.97B (3.3%) |
| Date | Time | Release | Data source |
|---|---|---|---|
| Mar 27 | 08:30 AM | Monthly Expenditures Update, February 2026 | Bureau of Economic Analysis |
| Mar 27 | 08:30 AM | Monthly GDP Update, Q4 2025 Third Estimate | Bureau of Economic Analysis |
| Apr 02 | 08:30 AM | Monthly Trade Update, February 2026 | Bureau of Economic Analysis |
| Apr 03 | 08:30 AM | Monthly Employment Update, March 2026 | Bureau of Labor Statistics |
| Apr 07 | 10:00 AM | Monthly Debt Update, April 2026 | U.S. Treasury |
| Apr 08 | 10:00 AM | State Employment and Unemployment, January 2026 | Bureau of Labor Statistics |
| Apr 10 | 08:30 AM | Monthly Inflation Update, March 2026 | Bureau of Labor Statistics |
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.