12-Month Rolling Deficit is $1.6 Trillion in February 2026

The federal government borrowed $1.6 trillion over the past year – March 2025 to February 2026 – based on estimates from the Congressional Budget Office (CBO). 

The February 2026 deficit totaled $308 billion, which is $1 billion more than the deficit in February 2025. Adjusting for timing shifts – payments for February 2026 were pushed in January and payments for March were pushed into February – the deficit in February 2026 would have been $7 billion more than February 2025. 

CBO estimates spending totaled $621 billion, or $18 billion more than February 2025. Revenue totaled $314 billion, which is up $17 billion from the same time last year due to an increase in collections of customs duties from tariff policies and increased income and payroll tax receipts. Collections from corporate taxes declined. 

Over the past 12 months, total revenue was $5.4 trillion compared to $5.0 trillion over the same period prior. Spending was $7.1 trillion over the past 12 months matching the $7.1 trillion in the same period prior. We estimate the $1.6 trillion rolling deficit is about 5.3% of Gross Domestic Product.