12-Month Rolling Deficit is $1.6 Trillion in November 2025

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

In November 2025, CBO estimates that borrowing totaled $155 billion – the difference between $491 billion of outlays and $336 billion of revenues. This is $212 billion less than the deficit logged in November 2024. However, much of the improvement in the deficit is due to timing shifts in both 2024 and 2025, which pushed payments due in November 2025 to October 2025 and payments due in December 2024 to November 2024. If not for timing shifts, the November 2025 monthly deficit would have been $261 billion. 

Over the past 12 months, total revenue was $5.3 trillion compared to $4.9 trillion over the same period prior. Spending was $6.9 trillion over the past 12 months matching the $6.9 trillion in the same period prior. The $1.6 trillion deficit over the past year would have been $1.7 trillion if not for timing shifts.