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

The federal government borrowed $1.9 trillion over the past year – August 2024 to July 2025 – based on estimates from the Congressional Budget Office (CBO).

The July 2025 deficit was $289 billion, which is $45 billion larger than July 2024. CBO estimates the federal government took in $339 billion of revenue in July 2025 – $9 billion more than July 2024. Compared to July 2024, revenue from custom duties increased 252 percent and revenue from excise taxes declined 44 percent. Spending in July 2025 was $628 billion, which is $54 billion higher than July 2024.

Over the past 12 months, total nominal revenue was $5.2 trillion, compared to $4.8 trillion over the same period prior. Nominal spending is $7.1 trillion over the past 12 months compared to $6.4 trillion the same period prior.

We estimate the $1.9 trillion rolling deficit is equal to about 6.5 percent of Gross Domestic Product.