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

The federal government borrowed $2.0 trillion over the past year – June 2024 to May 2025 – based on estimates from the Congressional Budget Office (CBO). The monthly deficit was $314 billion in May 2025, $33 billion less than the monthly deficit logged in May 2024 and $572 billion more than the surplus in April. 

Revenue in May totaled $374 billion, $50 billion larger than May 2024, with an increase in collections of income and payroll taxes as well as customs duties and corporate income taxes. Spending in May totaled $688 billion, $17 billion larger than 2024 and would have been $13 billion larger if not for timing shifts. 

Over the past 12 months, total nominal spending was $7.1 trillion, compared to $6.5 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 $2.0 trillion rolling deficit is 6.7 percent, compared to 6.1 percent in May 2024.