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

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

CBO estimates the government ran a surplus of $26 billion in June 2025 compared to a deficit of $71 billion in June 2024. Revenue in June totaled $527 billion – $61 billion larger than June 2024 – due to an additional business day in June 2025 and higher collections of income and payroll taxes. Spending in June totaled $501 billion – $37 billion larger than 2024 – but would have been $32 billion larger if not for timing shifts due to June 1 falling on weekend.

Total nominal revenue was $5.2 trillion over the past 12 months and total nominal spending was $7.1 trillion. 

As a share of Gross Domestic Product (GDP), we estimate the $1.9 trillion rolling deficit is 6.4 percent, compared to 5.5 percent in June 2024.