12-Month Rolling Deficit is $1.7 Trillion in May 2026

The federal government borrowed $1.7 trillion over the past year – June 2025 to May 2026 – based on estimates from the Congressional Budget Office (CBO). CBO estimates that the May 2026 deficit was $294 billion, $21 billion less than the $316 billion deficit in May 2025. However, timing shifts for certain federal payments in May 2025 caused that month's outlays to be larger than usual; adjusted for timing shifts, CBO estimates that the May 2026 deficit is $76 billion higher than May 2025.

CBO estimates total revenue in May 2026 was $335 billion, $36 billion less than May 2025 due to a decrease in corporate income taxes and customs duties. Spending in May 2026 was $630 billion, $57 billion less than May 2025 levels. Outlays in May 2026 are $40 billion more than May 2025 after adjusting for timing shifts.

Over the past 12 months, total revenue was $5.4 trillion compared to $5.1 trillion over the same period prior. Spending was $7.1 trillion over the past 12 months – roughly equivalent to $7.1 trillion in the same period prior. We estimate the $1.7 trillion rolling deficit is about 5.2% of Gross Domestic Product.