12-Month Rolling Deficit is $2.0 Trillion in April 2025

The federal budget deficit totaled $2.0 trillion over the past 12 months based on estimates from the Congressional Budget Office (CBO).

Due to increased tax collections – which is typical for the month of April – CBO estimates a budget surplus of $256 billion in April 2025, compared to a surplus of $210 billion in April 2024. Revenue in April totaled $850 billion, or $74 billion more than April 2024, due to a larger inflow of income and payroll taxes as well as much higher-than-normal customs duties due to the imposition of new tariffs. Spending was $27 billion more in April 2025 than April 2024.

Over the past 12 months, total nominal spending was $7.1 trillion, compared to $6.3 trillion over the same period prior. Nominal revenue was $5.1 trillion over the past 12 months compared to $4.7 trillion the same period prior.

As a share of Gross Domestic Product (GDP), we estimate the rolling deficit is 6.9 percent, compared to 5.8 percent of GDP in April 2024.