In October, the federal government ran a deficit of $284.350 billion. From the beginning of the fiscal year to October, deficits were $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 the comparable fiscal year to date in FY2025, total federal deficits were $257.450 billion, which means the total deficit in the current fiscal year to date period is 10.45 percent higher 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 $1.713 trillion in FY2026, $1.687 trillion in FY2027, and $1.911 trillion in FY2028.
In October, total federal net outlays were $688.721 billion. From the beginning of the fiscal year to October, net outlays were $688.721 billion.
In the comparable fiscal year to date in FY2025, total federal net outlays were $584.221 billion, which means the net outlays total in the current fiscal year to date period is 17.89 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 $7.294 trillion in FY2026, $7.622 trillion in FY2027, and $8.019 trillion in FY2028.
| 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. From the beginning of the fiscal year to October, net receipts were $404.371 billion.
In the comparable fiscal year to date in FY2025, total federal net receipts were $326.770 billion, which means the net receipts total in the current fiscal year to date period is 23.75 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 net receipts will be $5.580 trillion in FY2026, $5.935 trillion in FY2027, and $6.108 trillion in FY2028.
| 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.