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

The federal government borrowed $1.6 trillion over the past 12 months based on new estimates from the Congressional Budget Office (CBO). 

CBO estimates that the March 2026 deficit totaled $163 billion – the difference between $549 billion in spending and $386 billion in revenues. The monthly deficit is roughly $3 billion larger than in March 2025 and would have been $5 billion larger if not for timing shifts that moved certain federal payments into February. CBO estimates total spending in March 2026 was $21 billion above March 2025 levels or $24 billion higher when adjusting for timing shifts. Revenue totaled $386 billion in March – an increase of $18 billion from last year – driven by increased collections of customs duties and individual income and payroll taxes.

Over the past 12 months, total revenue was $5.5 trillion compared to $5.0 trillion over the same period prior. Spending was $7.1 trillion over the past 12 months compared to the $7.0 trillion in the same period prior. We estimate the $1.6 trillion rolling deficit is about 5.2% of Gross Domestic Product.