12-Month Rolling Deficit is $1.9 Trillion in August 2025

From September 2024 through August 2025, the federal government borrowed $1.9 trillion based on estimates from the Congressional Budget Office (CBO). The monthly deficit was $360 billion in August 2025, compared to a monthly deficit of $380 billion in August 2024. 

CBO estimates that federal tax revenue for the month of August 2025 totaled $344 billion, which is $37 billion more than August 2024. Spending in August 2025 totaled $704 billion – $17 billion more than August 2024 – but would have been only $9 billion more if not for a larger timing shift in August 2025, which shifted payments from September 2025 to August 2025.

The $1.9 trillion rolling deficit is now larger than the $1.8 trillion deficit in Fiscal Year (FY) 2024. As a share of Gross Domestic Product, we estimate the rolling deficit is 6.4 percent of GDP, which is roughly in line with FY 2024. 

Over the past 12 months, total nominal revenue was $5.2 trillion compared to $4.9 trillion over the same period prior. Nominal spending was $7.1 trillion over the past 12 months compared to $6.9 trillion the same period prior.