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Deficit: The amount by which the government’s total budget outlays exceeds its total receipts for a fiscal year. US Senate Budget Committee
In FY 2026 the federal deficit was 26.9 percent of federal spending.
This year, FY 2027, the federal government in its latest budget has estimated that the deficit will be 26.8 percent of federal spending.
Chart D.41f: Recent US Federal Deficits
as Pct Spending
Federal Deficits exploded in the Great Recession of 2006-08 from 5.9 percent of federal spending in 2007 to nearly 40.2 percent of federal spending in FY 2009, driven mainly by bank bailouts under the TARP program.
After the Crash of 2008 the federal deficits started decreasing, getting below 20 percent of federal spending in FY 2013 and below 12 percent of federal spending in FY 2015, but then increasing again
In 2026 the federal deficit was 26.9 percent of federal spending.
Chart D.43f: Federal Deficits since 1900
The two major peaks of the federal deficit in the 20th century occurred during World War I and World War II when the federal deficit peaked at 70 percent of federal spending. In the Great Depression and its aftermath the federal government ran deficits of about 40 percent of federal spending. But up until the Great Depression the federal government typically ran a large surplus during peacetime.
After World War II federal governments started routinely running deficits in peacetime. Deficits increased steadily from the 1950s through the early 1980s, hitting 20 percent of spending in the 1980s through the 1990-91 recession, and then declined rapidly for the remainder of the 1990s, actually hitting a surplus of about 10 percent of federal spending in 2000.
Federal deficits increased in the early 2000s, and went over 40 percent of federal spending in the aftermath of the financial crisis of 2008.
In the recovery from the Crash of 2008 deficits slowly reduced to about 10 percent of federal spending before increasing to 20 percent of federal spending at the end of the 2010s. In the COVID crisis of 2020 federal spending exceeded 40 percent of federal spending.
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Debt data is from official government sources.
Gross Domestic Product data comes from US Bureau of Economic Analysis and measuringworth.com.
Detailed table of debt data sources here.
Federal debt data begins in 1792.
State and local debt data begins in 1820.
State and local debt data for individual states begins in 1957.
| Debt Now: | $40,413,639,012,305.97 | Debt 2/2020: | $23,409,959,150,243.63 |
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Sources for 2022:
GDP, GO: GDP, GO Sources
Federal: Fed. Budget: Hist. Tables 3.2, 5.1, 7.1
State and Local: State and Local Gov. Finances
'Guesstimated' by projecting the latest change in reported spending forward to future years
Sources for 2031:
GDP, GO: GDP, GO Sources
Federal: Fed. Budget: Hist. Tables 3.2, 5.1, 7.1
State and Local: State and Local Gov. Finances
'Guesstimated' by projecting the latest change in reported spending forward to future years
> data sources for other years
> data update schedule.
On October 15, 2026, the US Treasury reported in its Monthly Treasury Statement (and xlsx) for September that the federal deficit for FY 2025 ending September 30, 2026, was $1,99 billion. Here are the numbers, including total receipts, total outlays, and deficit compared with the numbers projected in the FY 2026 federal budget published in February 2025:
| Federal Finances FY 2026 Outcomes | |||
|---|---|---|---|
| Budget billions | Outcome billions | ||
| Receipts | $5,873 | $5,403 | |
| Outlays | $7,419 | $7,396 | |
| Deficit | $1,547 | $1,993 | |
The Monthly Treasury Statement includes "Table 4: Receipts of the United States Government, September 2026 and Other Periods." This table of receipts by source is used for usgovernmentspending.com to post details of federal receipt actuals for FY 2025. usdgovernmentspending.com obtains the data for outlays and receipts from apis at fiscaldata.treasury.gov.
This MTS report on FY 2026 actuals is a problem for usgovernmentspending.com because this site uses Historical Table 3.2--Outlays by Function and Subfunction from the Budget of the United States as its basic source for federal subfunction outlays. But the Monthly Treasury Statement only includes "Table 9. Summary of Receipts by Source, and Outlays by Function of the U.S. Government, September 2025 and Other Periods". Subfunction amounts don't get reported until the FY28 budget in February 2027. Until then usgovernmentspending.com estimates actual outlays by "subfunction" for FY 2026 by factoring subfunction budgeted amounts for FY26 by the ratio between relevant actual and budgeted "function" amounts where actual outlays by subfunction cannot be gleaned from the Monthly Treasury Statement.
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President’s FY 2025 Budget Release Scheduled for March 11
Although the FY 2024 appropriations process is not yet resolved
Biden to Release Budget March 9
will press McCarthy On Default Risk - Bloomberg
Biden to Release 2023 Budget Request on March 28
how the administration expects to spend money for priorities including aid to Ukraine and the continuing effort to fight the coronavirus pandemic, as well as legislative proposals such as increased funding for community policing programs, cancer research, and mental health education.
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