12-Month Rolling Deficit is $1.8 Trillion in June 2026

The federal government has borrowed $1.8 trillion over the past 12 months based on the latest estimates from the Congressional Budget Office (CBO). 

CBO estimates that the monthly deficit in June 2026 was $126 billion, which is $153 billion more than the $27 billion surplus in June 2025. However, timing shifts for certain federal payments caused outlays in June 2025 to be smaller than usual; adjusted for timing shifts, CBO estimates that the June 2026 deficit is $56 billion higher than June 2025.

CBO estimates spending totaled $621 billion in June, or $122 billion more than June 2025. Revenue totaled $495 billion, which is down $32 billion from the same time last year. The difference in revenue is driven by the decline in net collections of customs duties resulting from the Supreme Court's February ruling on tariffs; net customs duties were negative in June 2026 due to tariff refunds being issued.

Over the past 12 months, total revenue was $5.4 trillion compared to $5.2 trillion over the same period prior. Spending was $7.2 trillion over the past 12 months compared to $7.1 trillion in the same period prior. We estimate the $1.8 trillion rolling deficit is about 5.7% of Gross Domestic Product.