by Ethan Faverino | Apr 16, 2026 | Economy, News
By Ethan Faverino |
Earlier this week, the Joint Economic Committee released its Monthly Fiscal Update, revealing that the federal government recorded a deficit of $164.10 billion in March 2026.
For the first half of FY26, cumulative deficits reached $1.169 trillion, meaning 32.01% of outlays were unfunded by revenues, with the government spending $1.47 for every dollar received in revenue.
The year-to-date deficit for FY26 is 10.60% lower than the $1.307 trillion recorded in the same period of FY25. Full-year deficits in FY25 totaled $1.776 trillion.
According to the most recent 10-year budget projections from the Congressional Budget Office (CBO), federal deficits are expected to total $1.853 trillion in FY26, $1.887 trillion in FY27, and $2.080 trillion in FY28.
In March, total federal net outlays amounted to $548.96 billion. Cumulative net outlays from the start of the fiscal year through March stood at $3.651 trillion.
This represents a 2.35% increase compared to the $3.567 trillion in net outlays for the same period in FY25. Full-year net outlays in FY2025 totaled $7.010 trillion. The CBO projects net outlays will reach $7.772 trillion in FY27 and $8.151 trillion in FY28.
Total federal net receipts in March were $384.86 billion, bringing year-to-date net receipts to $2.483 trillion. This marks a 9.84% increase from the $2.260 trillion in net receipts recorded in the comparable period of FY25. Full-year net receipts in FY25 were $5.235 trillion. The CBO forecasts net receipts of $5.596 trillion in FY2026, $5.885 trillion in FY27, and $6.071 trillion in FY28.
Key figures for March 2026 show net outlays of $548.96 billion, net receipts of $384.86 billion, and a deficit of $164.10 billion. For FY26 year-to-date through March, net outlays totaled $3.651 trillion, net receipts totaled $2.483 trillion, making the deficit $1.169 trillion.
Ethan Faverino is a reporter for AZ Free News. You can send him news tips using this link.
by Ethan Faverino | Oct 22, 2025 | Economy, News
By Ethan Faverino |
The U.S. Treasury and the Joint Economic Committee released the Monthly Fiscal Update last week, highlighting a 2.8% reduction in the federal deficit for Fiscal Year 2025 (FY2025), totaling $1.776 trillion compared to $1.828 trillion in FY2024.
The decrease was driven by record-setting tariff collections, increased tax receipts, and modifications to the student loan program approved in the 2025 reconciliation act.
September 2025 concluded with a notable surplus of $197.950 billion, reflecting strong fiscal performance with net outlays of $345.713 billion and net receipts of $543.663 billion for the month.
In FY2025, total federal net outlays reached $7.010 trillion, a 3.91% increase from $6.746 trillion in FY2024. Net receipts rose to $5.235 trillion, up 6.42% from $4.919 trillion in the prior fiscal year.
Despite the robust revenue growth, 25.33% of FY2025 outlays were not covered by revenues, resulting in the federal government spending $1.34 for every dollar received. The Congressional Budget Office (CBO) projects continued growth in outlays and receipts, forecasting net outlays of $7.294 trillion in FY2026, $7.622 trillion in FY2027, and $8.019 trillion in FY2028, with deficits projected at $1.713 trillion, $1.687 trillion, $1.911 trillion, respectively, over the same period.
Outlays by Category
Social Security remained the largest federal expenditure in FY2025, totaling $1.581 trillion (22.5%), followed by Income Security and Veterans Benefits at $1.079 trillion (15.4%), Medicare at $996.72 billion (14.2%), and Net Interest at $970.66 billion (13.8%).
Defense spending accounted for $868.41 billion (12.4%), while Medicaid outlays were $668.14 billion (9.5%). Foreign Aid and other outlays represented smaller shares, at $32.21 billion (0.5%) and $814.75 billion (11.6%), respectively.
Receipts by Category
Individual Income Taxes were the largest revenue source in FY2025, contributing $2.656 trillion (50.7%), followed by Social Insurance and Retirement Taxes at $1.748 trillion (33.4%).
Corporation Income Taxes added $452.09 billion (8.6%), while Customs Duties, boosted by record setting tariff collections, reached $194.87 billion (3.7%). Other receipts totaled $183.31 billion (3.5%).
Despite the deficit reduction, net interest payments on the national debt hit a record high of nearly $971 billion in FY2025, a $100 billion increase from FY2024. The Committee for a Responsible Budget projects that by 2051, interest payments will become the largest federal expense, surpassing Social Security.
Ethan Faverino is a reporter for AZ Free News. You can send him news tips using this link.
