Current Federal Debt and Deficit
Every month, the U.S. Treasury releases data on the federal budget, including the current deficit or surplus. The following reflects budget data for November, calendar year 2025, the second month of fiscal year (FY) 2026.
Current Federal Deficit
$173B
Federal Budget Deficit for November FY26
$367B
Federal Budget Deficit for November FY25
The federal government reported a deficit of $173 billion in the month of November FY26, a decrease of $193 billion from the $367 billion deficit recorded in November FY25. However, November 1 fell on a weekend in FY26, causing certain payments, mostly Medicare-related, to be shifted into October. Conversely, November FY25 was inflated by December 1 FY25, which fell on a weekend, pushing payments back into the previous month. Those accounting quirks decreased the outlays in the recent month and increased them last year. Adjusting for those timing shifts, the November FY26 deficit would have been $5 billion less than the same month in the previous year.
Spending in November FY26 was $159 billion lower than in November last year, though, adjusting for the timing shifts, outlays were up $28 billion compared to the same month in FY25. Driving that time-shift-adjusted growth in outlays was a $22 billion increase in Medicare spending stemming from a one-time $16 billion payment to the Part D prescription drug settlement in November FY26. Additionally, Social Security spending increased by $9 billion, and Net Interest costs increased by $8 billion compared to the same month last year. Partially offsetting those and other spending increases was a $16 billion decrease in outlays by the Environmental Protection Agency. Receipts were up by $34 billion in November FY26 compared to the previous year: customs duties collections rose by $24 billion, largely due to the increase in tariffs, and individual income tax receipts increased by $9 billion.
Cumulative Federal Deficit
$458B
Cumulative FY26 Deficit
$624B
Cumulative FY25 Deficit (through November FY25)
Two months through FY26, the deficit has been $167 billion below last year’s level. However, the FY25 timing shift increased outlays in this time period last year. Without that effect, the cumulative deficit for FY26 would have been $85 billion less than last year’s adjusted total.
For FY26, total outlays were $1.2 trillion, $55 billion lower than the same period in the previous year. Adjusting for that timing shift, spending was $27 billion above the same period last year. That increase was driven mainly by three categories: Medicare outlays increased by $21 billion (adjusted for timing shifts); net interest rose by $19 billion; and Social Security spending was up by $18 billion, stemming from cost-of-living adjustments and some retroactive payments. Partially offsetting those and other increases was a $15 billion decrease by the Environmental Protection Agency and a $14 billion decrease in spending related to national defense.
Receipts are up by $112 billion in FY26 compared to the previous year: individual income tax receipts have increased by $57 billion, and customs duties collections rose by $48 billion, largely due to the increase in tariffs.
National Debt
$30.6T
Debt Held by the Public at the end of November FY26
$28.5T
Debt Held by the Public at the end of November FY25
The FY26 deficit through two months is the second largest in the last six years. The debt held by the public is approaching its post-World War II high as a percentage of gross domestic product and is rising rapidly, driven by aging demographics, rising healthcare costs, inadequate revenues, and skyrocketing interest costs. The good news is that there are many solutions available to improve our fiscal outlook and put our nation on a stronger path.