The US federal deficit totaled $1.36 trillion in the first eight months of FY25, up 7% YoY from $1.20 trillion in the same period of FY24.

• Total receipts were $3.48 trillion, up 6% YoY, while total outlays rose to $4.85 trillion, up 6% YoY.
• Individual and payroll taxes rose by 8% YoY and 3% YoY, respectively, while corporate tax receipts fell -3% YoY.
• Net interest on the public debt increased by $53 billion (9% YoY), and Social Security outlays rose by $80 billion (8% YoY).
• May 2025 saw a monthly deficit of $314 billion, down -15% YoY from May 2024.
• The Treasury reported a surplus of $258 billion in April 2025, $2 billion above CBO’s earlier estimate.