United States: public finances

What is the US budget deficit?

The federal government ran a deficit of $1,965.6 billion in the first 11 months of fiscal year 2026 (October 2025 to August 2026), according to the Treasury's Monthly Treasury Statement. Receipts were $4,845.5 billion and outlays $6,811.0 billion. In the same months of fiscal year 2025 the deficit was $1,973.3 billion, and the full-year 2025 deficit was $1,775.4 billion.

The US fiscal year runs from 1 October to 30 September, so the September 2026 statement will give the full-year result. Monthly deficits swing with the timing of tax deadlines and of payments that move when the first of a month falls on a weekend. The Congressional Budget Office publishes an estimate in its Monthly Budget Review shortly before the Treasury figures.

Official sources: Fiscal Data: Monthly Treasury Statement

How much does the US government spend?

Federal outlays were $6,811.0 billion from October 2025 to August 2026, according to the Treasury's Monthly Treasury Statement (Table 9). The largest functions were Social Security ($1,525.9 billion), net interest ($1,017.0 billion), Medicare ($979.3 billion), health, which includes Medicaid ($925.7 billion), and national defense ($876.2 billion).

These are outlays, meaning cash paid out, for the fiscal year to date, grouped by budget function rather than by department. Offsetting receipts are netted off, so some functions show small or negative totals. Full fiscal year 2026 figures come in the September statement, published in October. Treasury's Federal Spending explainer shows spending by agency and over time.

Official sources: Fiscal Data: Receipts and Outlays by Source, Category and Function (MTS Table 9) · Fiscal Data: Federal Spending

How much tax does the US government collect?

Federal receipts were $4,845.5 billion from October 2025 to August 2026, up from $4,691.0 billion a year earlier, according to the Treasury's Monthly Treasury Statement (Table 9). Individual income taxes brought in $2,548.0 billion and payroll taxes for retirement and disability programs $1,606.9 billion. Corporation income taxes raised $294.9 billion, down from $389.6 billion.

Receipts are cash collections in the fiscal year, which runs from October to September. They are seasonal: April, June, September and January carry large tax payments. State and local taxes are not included. The Internal Revenue Service publishes its own Data Book on gross collections, which counts amounts before refunds.

Official sources: Fiscal Data: Receipts and Outlays by Source, Category and Function (MTS Table 9)

How much money do tariffs raise in the US?

Customs duties raised $167.3 billion in the first 11 months of fiscal year 2026 (October 2025 to August 2026), compared with $165.2 billion in the same months of fiscal year 2025, according to the Treasury's Monthly Treasury Statement (Table 9). That was about 3.5% of all federal receipts in the period.

Customs duties are mainly tariffs on imports, collected by U.S. Customs and Border Protection and paid by the importer. The Treasury records them when the cash is received, and refunds of duties are netted off. Fiscal year 2026 totals will appear in the September statement, published in October 2026.

Official sources: Fiscal Data: Receipts and Outlays by Source, Category and Function (MTS Table 9)

How much does the US pay in interest on the national debt?

Interest expense on Treasury securities held by the public was $1,068.5 billion in fiscal year 2026 (October 2025 to September 2026), up from $973.7 billion in fiscal year 2025, according to the Treasury's Interest Expense on the Public Debt Outstanding data. A further $291.9 billion was credited to government trust funds that hold Treasury securities.

The interest paid to trust funds such as Social Security is a transfer within government, so budget figures usually use net interest: in the Monthly Treasury Statement, net interest outlays were $1,017.0 billion from October 2025 to August 2026. Interest costs depend on both the size of the debt and the rates at which it is refinanced.

Official sources: Fiscal Data: Interest Expense on the Public Debt Outstanding · Fiscal Data: Monthly Treasury Statement

How much US debt is held by the public?

Debt held by the public was $32.45 trillion on 9 October 2026, out of total public debt outstanding of $40.30 trillion, according to the Treasury's Debt to the Penny data. The remaining $7.85 trillion was intragovernmental holdings, mainly Treasury securities held by trust funds such as Social Security and federal employee retirement funds.

Debt held by the public, which includes holdings by the Federal Reserve, foreign investors, banks and funds, is the measure most economists use to compare debt with GDP. Most debt counts towards the statutory debt limit set by Congress, though the limit is measured slightly differently. Treasury updates the figures each business day.

Official sources: Fiscal Data: Debt to the Penny

What is the United States' national debt?

The IMF puts general government gross debt in the United States at 124.4% of GDP in 2025. Since 2005 it has ranged from 64.5% of GDP (2006) to 132.6% of GDP (2020). Worldwide: 11th of 185.

What is the United States' budget deficit?

-7.1% of GDP: that is general government net lending or borrowing in the United States for 2025, according to the IMF (a deficit). Since 2005 it has ranged from -14.1% of GDP (2020) to -2.0% of GDP (2006). Of 188 countries with 2025 data, 169th highest.

How much does the United States' government take in?

30.5% of GDP: that is general government revenue in the United States for 2025, according to the IMF. The peak was 33.1% of GDP in 2022 and the low 28.2% of GDP in 2009. Of 187 countries with 2025 data, 74th highest.

How much does the United States' government spend?

According to the IMF, general government spending in the United States was 37.6% of GDP in 2025. Its high point since 2005 was 2020, at 44.7% of GDP; its low point was 2006, at 33.7% of GDP. World rank, highest first: 61st of 186.

What is tax revenue in the United States?

The IMF puts central government tax revenue in the United States at 10.8% of GDP in 2024. Since 2005 it has ranged from 7.9% of GDP (2009) to 12.6% of GDP (2022). Worldwide: 81st of 92.

What is the United States' military budget as a share of GDP?

In 2025, military spending in the United States was 3.1% of GDP, according to SIPRI. That is the lowest since at least 2005. Worldwide: 23rd of 149.