The US federal deficit was $1.05 trillion in the first seven months of FY25, up 13% YoY from $855 billion in the same period in FY24.

• Total receipts in that period were $2.96 trillion, up 5% YoY, and total outlays were $3.82 trillion, up 7% YoY.
• In January 2025, CBO projected a deficit of $1.9 trillion for fiscal year 2025, the same as the actual deficit for fiscal year 2024.
• Total mandatory outlays were up 8% YoY, and total non-mandatory outlays were up 7% YoY including an 11% YoY increase in net interest on public debt.
• In April alone, the federal budget surplus was $256 billion, up 22% YoY, as receipts were stronger by 10% over a year ago.