The US government has spent over a trillion dollars more than it collected in revenue during the first 10 months of the 2025 fiscal year (FY), further swelling the national deficit.
The latest data from the Congressional Budget Office (CBO) shows that the US government had $5.974 trillion in outlays from October 2024 to July 2025 but only collected $4.347 trillion in receipts over the same time period, recording a preliminary budget deficit of $1.626 trillion for FY 2025.
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“That amount is $109 billion more than the deficit recorded during the same period last fiscal year. Revenues increased by $263 billion (or 6%), and outlays rose by $372 billion (or 7%).”
The current fiscal year runs from October 1st, 2024, to September 30th, 2025.
The CBO reports that entitlement programs accounted for the largest share of government spending in the first 10 months of FY 2025. Social Security benefits, Medicare and Medicaid collectively amount to $2.678 trillion, rising by $207 billion or 8% from the same period last fiscal year.
Another item making a significant contribution to the budget deficit is payments on net interest on public debt. Figures from the CBO show that the government shelled out $847 billion from October 2024 to July 2025 to pay the interest on its $37 trillion national debt.
“Outlays for net interest on the public debt increased by $60 billion (or 8%), mostly because the debt was larger than it was in the first 10 months of fiscal year 2024.”
The CBO estimates that the US government will record a $1.9 trillion budget deficit by the end of FY 2025.
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