May Closes with $293 Billion Deficit, Up to $1.246 Trillion Deficit for FY2026

WASHINGTON, DC – Today, the Joint Economic Committee released its Monthly Fiscal Update. In May, the federal government ran a deficit of $292.648 billion. From the beginning of this fiscal year to May 2026, deficits were $1.246 trillion. This means 25.42 percent of outlays in FY2026 were not paid for by revenues, and for every dollar the federal government received in revenue, it spent $1.34.

In the comparable fiscal year to date in FY2025, total federal deficits were $1.365 trillion, which means the total deficit in the current fiscal year to date period is 8.69 percent lower than in the same period last fiscal year. In FY2025, deficits were $1.775 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 May, total federal net outlays were $628.161 billion. From the beginning of the fiscal year to May, net outlays were $4.902 trillion. In the comparable fiscal year to date in FY2025, total federal net outlays were $4.846 trillion, which means the net outlays total in the current fiscal year to date period is 1.14 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.

In May, total federal net receipts were $335.512 billion. From the beginning of the fiscal year to May, net receipts were $3.656 trillion. In the comparable fiscal year to date in FY2025, total federal net receipts were $3.482 trillion, which means the net receipts total in the current fiscal year to date period is 5.00 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 receipts will be $5.596 trillion in FY2026, $5.885 trillion in FY2027, and $6.071 trillion in FY2028.

Please see the full Monthly Fiscal Update for greater detail of the nation's receipts, outlays and deficit.

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