12-Month Rolling Deficit is $2.1 Trillion in October 2026

The federal government borrowed $2.1 trillion over the past 12 months – November 2025 to October 2026 – based on estimates from the Congressional Budget Office (CBO).

CBO estimates that the October 2026 deficit totaled $409 billion – the difference between about $778 billion in spending and $369 billion in revenues. The monthly deficit in October is $125 billion more than in October 2025.

CBO estimates outlays in October 2026 were $89 billion above October 2025. Revenue totaled about $369 billion in October – a decrease of $36 billion from last year.

Over the past 12 months, total revenue was $5.4 trillion compared to $5.3 trillion over the same period a year prior. Spending was $7.5 trillion over the past 12 months compared to $7.1 trillion in the same period a year prior. We estimate the $2.1 trillion rolling deficit is about 6.5% of Gross Domestic Product (GDP).